Citigroup Tells Congress It Will Refile Thousands of Foreclosure Documents

According to, on March 18, 2010, Citigroup Inc., which has proceeded with foreclosures as some rivals stopped to recheck documents, informed Congress that it may need to refile affidavits in cases that began before an overhaul of its procedures.

The lender is reviewing 10,000 affidavits that were executed before a reorganization of foreclosure operations was completed in February, Harold Lewis, a managing director with the CitiMortgage lending unit said in written testimony for a congressional hearing today. About 4,000 affidavits may not have been signed before a notary and may be resubmitted, he said.

Citigroup has defended its procedures and continued to seize homes after borrowers accused the country’s biggest banks of seeking foreclosures without fully reviewing loan documents. The New York-based bank’s overhaul improved training and limited the volume of paperwork processed by staff, Lewis said. Flaws uncovered don’t warrant a sweeping delay, he said.

via Citigroup Tells Congress It Will Refile Thousands of Foreclosure Documents.

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