Citigroup Offers $20B in Mortgage Relief
Citigroup Inc. says it will offer to modify terms on up to $20 billion in mortgages.
The program will be extended to borrowers who are making their payments but are in danger of falling behind.
It includes subprime borrowers as well as those with good credit who took out prime loans.
The New York-based Citigroup says it expects about 130,000 customers will see lower mortgages. The program is limited to customers whose mortgage payments equal more than 40 percent of their income.
Citi joins Charlotte, N.C.-based Bank of America Corp. and JPMorgan Chase & Co. of New York in offering loan modifications. The Federal Deposit Insurance Corp. also has been offering help to borrowers whose mortgages are serviced by IndyMac Bancorp, which the FDIC took over in July. Bank of America has 42 branches in the Albany, N.Y., area.
Source: The Business Review
The program will be extended to borrowers who are making their payments but are in danger of falling behind.
It includes subprime borrowers as well as those with good credit who took out prime loans.
The New York-based Citigroup says it expects about 130,000 customers will see lower mortgages. The program is limited to customers whose mortgage payments equal more than 40 percent of their income.
Citi joins Charlotte, N.C.-based Bank of America Corp. and JPMorgan Chase & Co. of New York in offering loan modifications. The Federal Deposit Insurance Corp. also has been offering help to borrowers whose mortgages are serviced by IndyMac Bancorp, which the FDIC took over in July. Bank of America has 42 branches in the Albany, N.Y., area.
Source: The Business Review
posted by Will @ 1:34 AM
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