On Tuesday, Citibank announced that they had made an $8 billion profit last quarter...after rattling their tin cups all over Capitol Hill looking for handouts (and receiving them). Two weeks previously (or maybe before, I'm just speaking from personal experience here), their REO department and associated asset management fronts quit delivering deeds to escrow companies and going incommunicado with their listing agents & escrow officers...with no notice.
Hundreds, thousands...perhaps tens of thousands of qualified, ready & willing buyers were left stranded at the closing table, waiting for seller signatures that would come "whenever." Some were given an excuse that computer problems were the culprit, others heard variations on the theme, while others heard nothing at all...even the listing agents were left in the dark.
I had 3 separate clients who were buying foreclosed properties owned by Citi (and got 3 different reasons). One pulled out (even though we had to fight escrow to get his earnest money back) & we found him a house he like better anyway. The other two hung in there and on Wednesday, March 11, we got word that the transactions were ready to be completed because "the computer problem has been resolved."
Lives were put on hold, travel reservations canceled, altered, move-out notices---you name it...the inconvenience and agony caused by this crass & cruel corporate behavior is unconscionable.
Isn't it a curious coincidence that the day after Citi announced that they had a profitable quarter, business resumed? Wonder what shenanigans they'll pull to make their balance sheets look decent next quarter!
Makes you go "Hmmmm..."