Well, he is a Republican, which means that he will work on stimulating the economy for the rich. The Republicans are going to make sure Social Security fails so that they can privatize it. Some big corporation, like Citi or Chase will get a hold of it and rape us. Look at credit debt, look at foreclosures, look at these check cashing places; they are all the bastard children of Republican policies. Workers Comp has been privatized in some states like West Virginia, and it sucks. Every time something has been deregulated or privatized only a small group of rich have benefited. Look at mortgages, phones companies and natural gas companies. Look at the Savings and Loans of the 80s. Conservative fiscal policies are short term gains for corporations and long term disasters for everyone else. Every Conservative fiscal policy I have seen has been an intentional misstating of valid economic theory. Capitalism only works with a strong government working to maintain fairness. By fairness, I mean that government MUST prevent monopolies and oligarchies. Things, like utilities, the military, social programs and mortgages have traditionally been the realm of government. All these mortgage companies are just welfare bums.

They want you to foreclose, their debt is protected and they get to sell your house after raping you with interest rates and made up fees. So, ironically, when Republicans talk of privatizing and free markets, they are really talking about corporate welfare.

Well, like I said, he is a Republican and his agenda is to coddle big, rich businesses. This is because, he is one of them. Theres really not much you can do to manage it. You get a statement, you pay it and theres not much else you can do other than keeping it. If you want to keep them, put them in a folder. Primerica Financial Services, A Citi company, and I seen lots of strange mortgages. In this particular payment option, everytime he paid the minimum, the balance on the mortgage grew bigger and bigger. It was a very very unique mortgage.

Before you break out the pitchforks and the torches, calm down and look at the facts of the situation. 200, but it almost certainly had nothing to do with CitiMortgage. The amount you pay down the principal every month. The amount you pay for the use of someone elses money every month. The property taxes to which the property is subject. The hazard insurance that insures the property against disasters such as fire, wind, etc. Hazard Insurance premiums have risen. CitiMortgage does not raise the Taxes or Insurance premiums. 200 per month every month. When the taxes and insurance come due, they will have enough money in the escrow account to pay the bill. This happened to me during the first couple of years of my mortgage.

3000 out of their own pocket but obviously had to raise my escrow payment.

200 per month increase is due to an escow shortage, then your payment may go back down after a year or so. In my opinion, this is still a decent rate. Refinancing means youll be paying more closing costs and other related fees. You would need to calculate how long it would take the savings in interest cost to make up for these additional refinance costs.

If you want to reduce the money you pay in Interest, youll have to pay down the Principal Balance accordingly. Principal Balance to reduce the Interest Costs but I dont think paying down the mortgage is possible if you have no extra cash.

CitiMortgage is not to blame for this situation. Citi cannot raise your taxes or insurance. No other mortgage company would operate any differently. Id be happy to answer more specific questions if youd like. Feel free to email me if you wish. Such loans carry higher interest rates than loans to people with better credits; also interest rates are often tied to an index and were floating not fixed.

At the same time after making the loans, the banks originating the loans or mortages sold the mortgages to investment banks such as HSBC, Citi, Morgan Stanley, Merrill Lynch etc.

Finally, the share prices of the loan originators and the investment banks were badly beaten down. But I can understand your point. First off, mortgage companies throughout the United States were involved in fraudulent mortgage loans that over time came crashing down. Let me explain two types of mortgage banks. There are portfolio lenders and correspondent lenders. Portfolio lenders were hit hard once many of their loans went soar as they began to lose money. However, it was the correspondent lenders that caused problems in our economy as a whole.

BUT dont keep the loan in their institution for very long. Instead, they then sell that mortgage loan to the secondary market such as Fannie Mae or in the stock market. As a result, lenders stopped providing further mortgages as they began to recuporate their loses. The month of late August 07 and September 07 was the worst months in mortgage lending history in a very long time.

The damage has been done. NEED these programs because their source of income is tooooooo difficult sometimes to prove and document. REASONABLE relation to their stated income. This is why stated income loan products exist.

Why stated income AND stated asset programs came about Im not sure.

But the most irresponsible part came in California when lenders began to provide stated programs on salaried employes.

This is why we have what we have today. MORtgage BROkers are ruinning our economy. More specifically, irresponsible mortgage brokers. The same story was with accountants with the fall of Enron.