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  • Citigroup Inc. (NYSE:C) and Ally Sued for Fraud Foreclosures

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    Tuesday Oct. 5, 2010 at 09:21 am EST
     
    One more Lawsuit against Citigroup Inc. (NYSE:C) 
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    Ally Financial Inc. and Citigroup Inc. were sued in Kentucky by homeowners for allegedly changing Mortgage Electronic Registration Systems Inc. to falsely foreclose on loans. The case was filed as a civil - racketeering action. The lawsuit claims that MERS, the company that handles mortgage transfers among member banks are foreclosing, are foreclosing on homes even when they don't hold titles to the properties. The homeowners wrote in the complaint filed on September 28 in federal court in Louisvillem Kentucky that, "Defendants have filed foreclosures throughout the state of Kentucky and the United States of America knowing that they were not the ‘owners’ or beneficiaries of the loan they filed foreclosure upon.”<
    The complaint is one of many cases filed against MERS and banks alleging that the process allows wrongful foreclosures. Shares of Citigroup Inc. closed at $4.03 at resistance level of $4.08. The resistance levels above are at $4.25 and $4.98. he support levels below are at $3.92, $3.8, $3.7. Shares of citigroup are holding strong after the Treasury announced to sell some preferred shares last week. Treasury also said that they made profit by selling Citi shares. The earnings announcement scheduled on Oct. 18th, 2010 will determine the future direction of Citigroup Inc. (NYSE:C)


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