NEW YORK (Dow Jones)–As unemployment rises, more borrowers need principal forgiveness on their mortgages, not just restructured loans, Citigroup Inc.’s (C) mortgage chief said.
The comments by Sanjiv Das, president and chief executive of Citigroup unit CitiMortgage Inc., came as Citigroup issued its latest quarterly report on its own mortgage modification efforts. Citigroup said it helped 130,000 home owners with $20 billion in mortgages outstanding avoid potential foreclosure last quarter.
That number increased 20% from the second quarter, the bank said in its third-quarter foreclosure prevention report issued early Tuesday; 3% of the $751 billion of mortgages Citi services were in loss mitigation programs or in foreclosure, a one percentage-point increase from the second quarter.
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