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CitiGroup is going to be helping 500,000 mortgage holders who are at risk of foreclosure by helping them with cheaper mortgage payments.
The program is expected to impact 130,000 customers, totaling $20 billion in loan amounts. What Citi hopes the program does is help to save homeowners from foreclosure before they start missing payments and go down the road to losing their homes.
We have seen the mortgage industry falling into a downward spiral this past year, and finally we have the mortgage lenders coming in to help homeowners, which they should have been doing from the beginning.
Citi Opposes Moratorium on Foreclosures
With this plan, Citi has also declared that they are opposed to the moratorium on foreclosures. This seems counter-intuitive, right? However, what CitiGroup hopes to do by reaching out to homeowners is preventing the need for foreclosure instead of the Government’s approach of stopping the banks from foreclosing.
By helping mortgage holders before they’re late on their payments, Citi is going to be saving themselves money as well as keep homeowners still in their homes, benefiting everyone.
In total, Citi owns nearly $200 billion in mortgages and the 500,000 homeowners that are part of this plan represent about $50-55 million.
