From: employeediscountnews@citi.comTo: employeediscountnews@citi.com
Sent: Friday, March 28, 2008 10:29 AM
Subject: Employee Discount News: Citi Employee Mortgage Program
As a U.S. employee, you may be eligible for Citi and other partner products and services at special employee rates. Employee Discount News is a monthly email with information about products or services that may interest you.This month's feature - Citi Employee Mortgage Program
As a U.S. Citi employee, you receive the best CitiMortgage retail rate plus your choice of .125% off the interest rate or $1,000 credit toward closing costs.
We'll help you through the process, whether you're a first-time homebuyer, purchasing a second home, refinancing, or building your dream home.
If the adjustable-rate mortgage on your property is about to reset, your monthly payment could start to rise. This may be an excellent time to contact the Citi Employee Mortgage Program team for an evaluation of
your current financial situation and select the best mortgage product for your future.Benefits include:
- Exclusive sales team
- Complete confidentiality
- $1,500 on-time closing guarantee (1)
Citi: We’ve Run Out Of Suckers On The Outside, Any Takers In Here?
Posted by Bess Levin, Mar 28, 2008, 12:20pm
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Posted by guest , Mar 28, 2008 12:56PM
If this is the kind of brilliant, out-of-the-box thinking we can expect from Vik, I'm backing up the truck.
Posted by diablo , Mar 28, 2008 1:04PM
This must be joke? Tell me so.
Listen, Citi is about to fire thousands of those people getting the letters. Is this Subprime II?
BTW, if you are a Citi customer with an ARM, beware of the letter telling you that they'll offer you an expensive fixed rate one, even if your reset would result in a lower payment. (Via Mish).
Posted by guest , Mar 28, 2008 1:29PM
What do you mean?? Vik is an Indian.
Posted by guest , Mar 28, 2008 1:33PM
Vik is an Indian. Indians are smart. Ergo Vik is smart.
Posted by IA , Mar 28, 2008 1:35PM
I had this offered to me at Morgan Stanley as an analyst two years ago, so I don't think this is anything groundbreaking.
It does make you think about whether it's wise for an institution to have assets whose quality is linked to the continuing employment of their own employees. Presumably there's a big slug of correlation there - the moment the bank goes down and the employees start losing their jobs, the mortgages are going to be worthless, thereby hitting the asset side of the balance sheet, thereby causing more employees to be let go, etc.
I assume that there are few enough of these Citi mortgages that it's not that big of a deal, though.
Posted by guest , Mar 28, 2008 1:57PM
yep, but now they got these newfangled products called CDOs which allow you to chop up that mortgage and sell it off to investors thereby removing them from your balance sheet....
'cept now CDOs are selling like VCRs...
Posted by guest , Mar 28, 2008 2:29PM
this has been standard practice in commercial banks for years. Think of the thousands they employ - mostly middle class people buying homes in middle class places. Also - they deduct the payment from you pay, so these types of loans are very easy to service. End of the day, a low cost low risk employee perk. Believe me, they're not financing $5 million homes for people.
Posted by guest , Mar 28, 2008 2:32PM
April fools day, a little too early.
Posted by guest , Mar 28, 2008 3:24PM
It's a legit email, I got it as did all US-based employees.
Posted by guest , Mar 28, 2008 8:27PM
I've been getting that email every three months as long as I've worked at Citi (4 years).