Citi will work to screw over their customer any way they can. Having had an existing HELOC with them that was tapped about 25%, they decided to do an across the board cut due to decreasing home values (perfectly reasonable) and also by suddenly shifting their loan-to-value ratio from 80% to 70% (sleazy move). The upshot was that they were able to cap peoples current low interest equity lines, and then offer to make new loans at higher percentage rates if you wanted to go back up to an 80% LTV. The final straw was that at the same time they capped the low interest HELOC, they upped my credit card limits to try and entice me to borrow more where they could charge me close to 5X as much for the money as they could on the low interest HELOC. Note that there was nothing personal here - this was an across the board policy shift that they did affecting most of their HELOCS in the US, and it was an explicit tactic designed to get Citi borrowers to have to shift to borrowing the same money just at much higher interest rates.

To add insult to injury they pulled this stunt in the same week that they accepted their first $20 billion dollar taxpayer bailout.

Stay far, far way from these folks if they have any latitude in changing the loan agreement after you have signed the papers (which is any credit agreement other than a fixed rate loan).