Oh look, guess who else is getting corporate welfare. The bastards who hold the note on my house. According to this story, in order to get their welfare check:
Importantly, the agreement calls on Citigroup to take steps to help distressed homeowners.
Specifically, Citigroup will modify mortgages to help people avoid foreclosure along the lines of an FDIC plan that was put into effect at IndyMac Bank, a major failed savings and loan based in Pasadena, Calif.
Under the IndyMac plan, struggling home borrowers pay interest rates of about three percent for five years. Rates are reduced so that borrowers aren't paying more than 38 percent of their pretax income on housing.
Now, I don't know if that's mandatory (I assume it is) but I think it's funny that these assholes who wouldn't deal with me or thousands of others now have to come to the bargaining table. Okay, Citi, let's see what you got to offer.
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