Free Republic

LAST year Citigroup made a promise to millions of people who flex its credit cards: “A deal is a deal.” The slogan was used to trumpet an announcement that the financial giant would no longer reserve the right to raise interest rates on cards at any time, for any reason. But Citigroup’s deal is only a deal until it isn’t. The company is quietly reconsidering its pledge as it confronts a host of financial troubles, according to Citigroup executives. A decision could come this week. Samuel Wang, a spokesman for Citigroup, declined to comment. Several Citigroup executives emphasized the “deal...

As the housing boom of the early part of this decade unwinds, the U.S. is facing a harsh new reality: Annual home foreclosures may surpass new-home sales from builders. Nearly 2 million homeowners are expected to lose their houses this year and next as the mortgage mess becomes a painful experience for condo-flipping gamblers and struggling families alike. The latest data from the Mortgage Bankers Association Thursday showed that the nation's foreclosure situation continues to worsen. A record number of mortgage holders -- 0.65% of all borrowers -- entered the foreclosure process in the second quarter. Loans already in the...

Metro housing slide keeps repo man busy 'Snowball effect' from mortgage woes, easy credit keeps lot overflowing By TAMMY JOYNER The Atlanta Journal-Constitution Published on: 09/03/07 Swing by Richard Grosvenor's business for a closeup of how quickly the nation's housing market is unraveling. In the last six months, Grosvenor and his repo drivers have hauled in hundreds of vehicles in the course of normal business. Richard Grosvenor stands amongst repossessed vehicles, including a Corvette taken from a plumber (left), on his 3-acre lot at Speedy Recovery in Lithonia on August 29, 2007. With credit and mortgage problems rising, Grosvenor has...