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citi loan modification

CITI Stops Foreclosures During the Holidays

by Moe Bedard

WASHINGTON — Citigroup Inc. will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season.

The New York-based bank said Thursday the suspension will run from

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Citi Mortgage Calls For Principle Reductions

by Moe Bedard

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 [...]

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Morgan Stanley, Citigroup Inc. and JPMorgan Chase & Co. leaders in loan modifications

by Moe Bedard

Nov. 10 (Bloomberg) — Morgan Stanley, Citigroup Inc. and JPMorgan Chase & Co. lead the pack of U.S. banks modifying home loans to troubled borrowers under the Obama administration’s main foreclosure prevention plan, the Treasury Department said.

Citigroup, the third-largest U.S. bank by assets, began 88,968 trial modifications, or 40 percent of its eligible mortgages, under [...]

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Citi Reports Second Quarter Foreclosure Prevention Activities Helped 108,000 U.S. Homeowners

by Moe Bedard

Loss Mitigation Successes Outnumbered Foreclosures Completed By More Than 12 to 1
NEW YORK–(BUSINESS WIRE)–Today Citi announced that the company’s consumer mortgage lending and foreclosure prevention efforts for the second quarter successfully helped 108,000 mortgage holders across the country avoid potential foreclosure and remain in their homes. The total number of homeowners helped by Citi’s initiatives [...]

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Citi issues statement on mortgage foreclosure moratorium

by Moe Bedard

Today’s announcement expands on Citi’s current foreclosure moratorium in which Citi does not initiate or complete a foreclosure sale on any eligible borrower where Citi owns the mortgage, the borrower is seeking to stay in the home, which is his or her primary residence, is working in good faith with Citi and has sufficient income for affordable mortgage payments.

“Since the start of the housing crisis in 2007, Citi has worked successfully with approximately 440,000 homeowners to avoid potential foreclosure on combined mortgages totaling approximately $43 billion. Last year, Citi kept approximately four out of five distressed borrowers with mortgages serviced by Citi in their homes.”

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Congress Forges Mortgage Bankruptcy Deal With Citi

by Moe Bedard

U.S. Senator Dick Durbin (D-IL), with Congressman John Conyers (D-MI), Senator Chris Dodd (D-CT), Chuck Schumer (D-NY) and Congressman Brad Miller (D-NC) announced that an agreement was reached with Citigroup today, on legislation that will allow homeowners at risk of foreclosure to alter the terms of their mortgages in bankruptcy.

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