Citi (C), BofA (BAC) Shareholders Voting on Foreclosure Review

Citigroup (NYSE:C) and Bank of America (NYSE:BAC) have agreed to allow shareholders to vote on a non-binding resolution to conduct independent reviews of their mortgage and foreclosure practices, after a request from the New York City Pension Funds, according to the Securities and Exchange Commission.

New York City Comptroller John Liu said, "An independent examination of bank foreclosure practices is needed to reassure shareholders and protect pensioners and taxpayers."

This is probably for the best, but it could unveil a number of circumstances where the banks handled the situations with troubled borrowers in an amateurish way.

Conflicting decisions by the banks have resulted in some being told they were eligible for lower monthly payments with a trial modification program, while at the same time receiving a letter saying their house was being sold at a foreclosure auction, among other similar situations.

Citigroup closed Wednesday at $4.40, down $0.02, or 0.45 percent.