Citi helps consumers stay home
(27 November 2009 – USA) Citigroup’s eighth quarterly mortgage data report reveals the ongoing success of its foreclosure prevention program; enabling 130,000 distressed home owners to remain in their homes in the current quarter alone.
The loans either owned or serviced by Citi were valued at more than US$20 billion (A$21.51 billion).
New data on Citi’s consumer lending activities reveal loss mitigation successes outnumbered foreclosures completed by more than 15 to one; nearly four times the rate it reported in the third quarter of 2008.
Sanjiv Das, president and chief executive officer, CitiMortgage, said that Citi recognises the difficulties that homeowners face in the current economic environment and the bank’s number one priority is to help keep homeownership a reality for their customers who find themselves in financial distress.
Citi currently has a US$751 billion (A$808 billion) mortgage servicing and lending portfolio.
The group established the Office of Homeownership Preservation in 2007 to work with the business to provide a range of support services that go beyond the modification of a mortgage loan; including an extensive partnership network with non-profit organisations that offer legal assistance, counselling and translation services to borrowers.
New data on Citi’s consumer lending activities reveal loss mitigation successes outnumbered foreclosures completed by more than 15 to one; nearly four times the rate it reported in the third quarter of 2008.
Sanjiv Das, president and chief executive officer, CitiMortgage, said that Citi recognises the difficulties that homeowners face in the current economic environment and the bank’s number one priority is to help keep homeownership a reality for their customers who find themselves in financial distress.
Citi currently has a US$751 billion (A$808 billion) mortgage servicing and lending portfolio.
The group established the Office of Homeownership Preservation in 2007 to work with the business to provide a range of support services that go beyond the modification of a mortgage loan; including an extensive partnership network with non-profit organisations that offer legal assistance, counselling and translation services to borrowers.
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