Citi Foreclosure Prevention Activities Show Increased Pr
Third Quarter Loss Mitigation Successes Outnumbered Foreclosures Completed By More Than 15 to One
November 24, 2009 12:01 AM Eastern Time
NEW YORK--(EON: Enhanced Online News)--Citigroup today released its eighth quarterly mortgage data report providing a fres
its U.S. mortgage servicing business, and showing continued progress in its efforts to help distressed homeowners avoid potential fo
data on Citi’s consumer lending activities reveal loss mitigation successes outnumbered foreclosures completed by more than 15 to
times the rate it reported in the third quarter of 2008.
In the current quarter, Citi helped approximately 130,000 distressed homeowners with loans it owns or services remain in their hom
foreclosure on mortgages valued at more than $20 billion. Total loss mitigation actions for borrowers serviced by Citi rose 85 perce
period in 2008, attributable to Citi’s robust foreclosure prevention program of modifications, extensions, forbearances and reinstate
include the Citi Homeowners Assistance Program and the Citi Unemployment Assist Program. Citi is also a committed participant i
Affordable Modification Program (HAMP).
“We recognize the difficulties that homeowners face in the current economic environment and our number one priority is to help kee
a reality for our customers who find themselves in financial distress,” said Sanjiv Das, President and Chief Executive Officer of Citi
Missouri-based division that manages the majority of Citi’s $751 billion mortgage servicing and lending portfolio. “As the economy
amid rising home foreclosures, Citi has stepped up its efforts to assist its customers through increased staffing and enhanced progra
develop individualized solutions to allow families in financial distress to keep their homes.”
Since the start of the U.S. housing crisis in 2007, Citi has worked with approximately 715,000 homeowners to avoid potential forec
mortgages with a total original value of nearly $79 billion. As of