Sign In Set Home    My Account Collection
  You're in: Home  
Sign In   Peripheral pump series
Sign In   Centrifugal pump series
Sign In   Jet self-priming pump series
Sign In   Self-priming pump series
Sign In   Auto booster pump series
Sign In   Submersible pump series for clean water
Sign In   Submersible pump series for dirty water
Sign In   Submersible pump series for deep well
Sign In   Circulator pump series
Sign In   Garden pump series
Sign In   Electric booster pump series
Sign In   Fountain pump series
Sign In   Fuksi gasoline motor pump series
Sign In   Auto pressure switch control series for water pump
Sign In   Spare parts for water pump
      Page Links
Sign In   About Us
Sign In   Products
    
Sign In   Message
    
Sign In   Online order
    
Sign In   Contact Us
    
      News
Titel:Citigroup to lower some mortgage payments

Date:2009/3/4 10:59:13

 
Citigroup agreement slams shareholders Play Video Reuters  – Citigroup agreement slams shareholders
Related Quotes
SymbolPriceChange
C 1.22 +0.02
MS 18.18 +0.23
^GSPC 696.33 -4.49
US government takes up 36 percent of Citi AFP/Getty Images/File – A police officer stands guard outside the Citigroup Building in New York. The Treasury Department has …

NEW YORK – Citigroup Inc. said Tuesday that it will lower mortgage payments for some homeowners to an average of $500 a month for three months as part of a new program to help the unemployed.

The struggling bank makes the move as President Barack Obama looks to lenders to adjust the way loans are handled.

Citigroup's new mortgage efforts also come on the heels of the latest attempt to bail out the company, which includes the U.S. government's exchange of up to $25 billion in emergency bailout money given to Citigroup for as much as a 36 percent equity stake in the company. The deal between the Treasury Department and Citigroup represents the third rescue attempt for the bank in the past five months.

Unemployed homeowners who may qualify for assistance from Citigroup under the Homeowner Unemployment Assist program include those that are 60 days or more past due on their mortgages or in foreclosure and can pay the reduced amount. Customers must also have a first mortgage loan that is owned and serviced by CitiMortgage Inc. and conforms to government sponsored enterprise limits. The house must also be the customer's primary residence, with homeowners meeting all insurer and guaranty requirements.

"Our Homeowner Unemployment Assist program is intended to serve as a bridge toward a longer-term solution, helping homeowners stay in their homes and in their communities while they get their feet back on the ground," CitiMortgage Chief Executive Sanjiv Das said in a statement.

Citigroup predicts thousands of homeowners may be eligible for the program over the next two years.

Those that partake in the program and are still without jobs after three months will have their mortgages handled on a case-by-case basis to come up with the best payment option, Citigroup said. Others that find work within the three-month period can go back to paying their original mortgage amount or receive a long-term loan modification if qualified.

The program may also be expanded to include customers that are in early delinquency stages or are current on their mortgage at a later point in time once an initial evaluation of the program is complete.

Homeowner Unemployment Assist is part of the bank's existing Citi Homeowner Assistance, which tries to help customers avoid foreclosure.

One of the hardest hit banks by the ongoing credit crisis, Citigroup is in the process of shedding assets and cutting staff as it looks to reduce costs and streamline operations ahead of splitting its traditional banking businesses from its riskier operations. In January the company reached a deal to sell a majority stake in its Smith Barney brokerage unit to Morgan Stanley.

Citigroup shares rose 2 cents, or 1.7 percent, to close at $1.22 Tuesday.

 

 
 
Copyright©2008 TAIZHOU QIANGWEI PUMP CO.,LTD . (All Rights Reserved)