Citibank® mortgage revival




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Reversing the mortgage crisis with a yo-yo? 

    In 1991, the UK faced a similar mortgage crisis and recession to the current U.S. situation.  Sparks recommended and implemented Free Unemployment Insurance with every new Citibank mortgage. 

    To promote the novel idea, yo-yos were distributed on the street, in branches, mortgage brokers, and realtors along with a yo-yo tricks guide (for bouncing back from the ups and downs in life).

    Soon bank staff were “pinching” them and holding tricks competitions.

    This pairing of financial products drove substantial new mortgage volume in a depressed market and created increased profitability for both Citibank Mortgage UK and its external insurance partner.

    Citibank also implemented our Free Mortgage/Debt Counseling service, initiated when customers were 1-down (30-days overdue instead of the 90-days, which was when other lenders usually spoke with customers)—dramatically reducing short sales and foreclosures. 

    Head of Citibank’s Financial Services, Jeff Goodwin, said:  “Babs produced one of the very few success stories in a tough economic environment.”