After Ally Financial, JPMorgan Chase & Co. (NYSE: JPM) and Bank of America Corp (NYSE: BAC) announced that they have halted foreclosures in a number of states to verify their foreclosure affadavits, many are wondering whether or not Wells Fargo & Co. (NYSE: WFC) and Citigroup, Inc (NYSE: C) will join their competitors in halting foreclosures.
Citigroup, Inc (NYSE: C) issued a statement on their process for affidavits, but did not explicitly state whether or not they would be halting foreclosures.
The New York-based bank said in a statement that, “Citi reviews document handling processes in our foreclosure group on an ongoing basis, and we have strong training to ensure that appropriate employees are fully aware of the proper procedures. We require annual training for our foreclosure employees on the proper execution of affidavits, including having personal knowledge of the information in the affidavit and requirements for signing in front of a notary. In addition, we require annual certification of our employees’ understanding of the proper procedures, and managers are accountable for regularly reviewing files to make certain that our employees comply with the procedures. Finally, foreclosures are monitored to make certain that staffing is adequate to review the affidavits properly.”
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded up 4.60% during mid-day trading on Friday.
