By Citi February 15, 2010 08:00 AMAt Citi, we are deeply committed to finding every solution possible to help families avoid foreclosure. Unfortunately, and despite our best efforts, the reality is that not every homeowner has the financial ability to remain in their home.
So Citi has recently launched a pilot program designed to help distressed CitiMortgage customers who are ineligible for other homeowner assistance programs. The Citi Foreclosure Alternatives Program allows eligible borrowers to avoid the foreclosure process and stay in their homes for a period of up to six months in exchange for the deed to their property. At the end of the six months, the borrower will turn over the property deed to CitiMortgage. To help with their move, CitiMortgage will provide relocation counseling and a minimum of $1,000 in financial assistance. This deed-in-lieu-of-foreclosure program is being piloted in Texas, Florida, Illinois, Michigan, New Jersey and Ohio.
We hope this program can help homeowners make a smooth transition into the next chapter of their lives.
For more information on Citi's homeowner assistance programs, visit www.citimortgage.com
By Citi February 01, 2010 02:49 PM
Join the conversation about reform, recovery and responsible finance. See what others are talking about. Or, post your comments below to share your thoughts. We're listening.
February 01, 2010 03:29 AMAt the most basic level, banking is all about the balance between risk and reward. And sometimes that balance needs to be adjusted to align with current conditions. Brian Leach, our Chief Risk Officer, has overhauled Citi's approach to risk so that moving forward, we will be one of the safest and most prudent banks in the marketplace.
For our society to function efficiently, capital needs to flow. But the attendant risk must be better managed. That's why we've strengthened our commitment to responsible finance. We've brought in new risk management leadership. And we've reduced our risky assets by more than half and our overall assets by more than a quarter. Reduced risk means less loss and more money available for the people who need it most - American businesses and individuals who are working so hard to face the challenges of the current economy. The new Citi. Working to be smarter, stronger and to help fuel the recovery.
February 01, 2010 03:28 AM
One of our top priorities is helping people avoid foreclosure. After all, no one wants to see a family lose its home. That's why we work hard to come up with solutions such as mortgage modifications, extensions and payment plans that help stabilize people who are at financial risk.
At Citi, we recognize that we have a unique obligation to help Americans during this challenging economic period. That's why we're providing all kinds of loan modifications, extensions, forbearance and reinstatement. We've worked with more than 715,000 Americans to help them avoid potential foreclosure. We're also taking real steps to prevent this sort of situation from occurring again, restructuring our own risk management department and radically rethinking our approach to both mortgage lending and compensation. The new Citi. Working to be smarter, stronger and to help fuel the recovery.
February 01, 2010 03:27 AMCiti has an obligation to our clients and our stakeholders - including the American public. It's an obligation to support the recovery of the U.S. economy, to reform our organization and to practice responsible finance. No one is more dedicated to these goals than our CEO, Vikram Pandit.
By Sanjiv Das February 01, 2010 03:26 AMCiti has just finalized our quarterly report on lending activity--which you can find here. The report presents an opportunity to reflect on what is both an important part of our businesses and one of the fundamental ways we are helping revive global growth and restore prosperity here at home.
It's no secret that credit is a prerequisite to expansion and a key to opportunity--or that the crisis has seen a decrease in the credit available to consumers, businesses, communities and institutions.
February 01, 2010 03:24 AM
We know we need to fix some things. And we've already started by returning to what we do best and by focusing on the needs of our customers.
February 01, 2010 03:23 AM
Citi has a presence in more than a hundred countries worldwide. That's a big organization. But our people, departments, branches and regions are working together like never before.
February 01, 2010 03:22 AM
At Citi, we're determined to provide our customers and clients with the solution or product they need.
November 11, 2009 04:59 PM
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