Citibank Not Suspending Foreclosures

An online story titled Realtors Feel Impact of Foreclosure Moratorium posted October 18, inaccurately listed Citibank among the banks that have volunteered to temporarily suspend foreclosures. Citibank has said it continuously reviews document handling in its foreclosure operations, and it believes the integrity of its process is sound. “We have no indication that our employees are not following our current procedures, and we do not believe a suspension is necessary,” Citibank officials said in a statement. “We have many safeguards in place to prevent improper filings. 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. We will work with the Attorneys General in any way we can as they seek to improve the process.”