CitiMortgage Announces Foreclosure Suspension
Program to Help Distressed Homeowners in the
Gulf of Mexico Region
Three-Month Suspension Effective June 17 through September 17
June 16, 2010 03:48 PM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Citi Chief Executive Officer Vikram Pandit today announced a
foreclosure suspension program for CitiMortgage-owned mortgages in coastal areas hard-hit by the oil spill in the
Gulf of Mexico. The aim of this program is to allow distressed homeowners to remain in their homes during these
uncertain times as the Gulf communities respond to the oil spill and its economic repercussions. During the three-
month suspension, effective June 17 through September 17, 2010, borrowers with first mortgage loans owned by
CitiMortgage and who meet certain other criteria will not be subject to foreclosure sales or foreclosure notifications.
While CitiMortgage does not own all of the loans it services, the company hopes to help as many borrowers as
possible with this initiative.
Vikram Pandit, Chief Executive Officer of Citi said, "By putting CitiMortgage foreclosures on hold, we aim to ease
the burden on residents of the Gulf states so they can concentrate on the most urgent matters facing them. In the
midst of this crisis, we will continue to explore ways to help people avoid foreclosure so they and their families can
remain in their homes and have one less thing to worry about.”
“We hope that with this suspension we can help ease some of the financial stress for our customers in the affected
Gulf region,” said Sanjiv Das, President and Chief Executive Officer of CitiMortgage. “Many of them are facing
financial hardship as a result of the spill, and we want to help support them during this very unsettling time,” Mr. Das
added.
CitiMortgage’s Gulf region foreclosure suspension affects only those loans it owns in the region. Under the program,
CitiMortgage will halt all foreclosure sales on first mortgage accounts in highly impacted coastal are