Citigroup Announces Mortgage Help For Unemployed
Citigroup said moments ago that it will help out unemployed homeowners by lowering their mortgage payments to an average of $500 per month for three months.
Homeowners who qualify under the new program include those who are 60 days or more past due on their mortgages or are in foreclosure and are able to pay the reduced amount.
They most hold a mortgage that is owned and serviced by Citi and it must be on their primary residence.
"Our Homeowner Unemployment Assist program is intended to serve as a bridge toward a longer-term solution, helping homeowners stay in their homes and in their communities while they get their feet back on the ground," said CitiMortgage chief executive Sanjiv Das in a statement.
Citigroup estimates thousands of homeowners may be eligible for the program.
Citigroup is seen by many analysts as the sickest of the big banks, already having received billions in government assistance.
March 3, 2009; 9:34 AM ET
Categories: The Ticker | Tags: Citigroup, mortgage workouts
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