USEUROPEAFRICAASIA 中文双语Français
Home / Mosaic

Citi to follow rivals in halting foreclosures

China Daily | Updated: 2008-11-12 08:07

Citigroup Inc, the fourth-biggest US bank by market value, plans to stem foreclosures as the firm modifies about $20 billion in mortgages, following similar moves by its largest rivals.

Citigroup will reach out to 500,000 homeowners in the next six months who may be at risk of falling behind on mortgage payments, the New York-based company said in a statement yesterday. The bank has helped about 370,000 people, or $35 billion in mortgages, avoid foreclosure since 2007.

Congress has been urging financial-services companies to work with borrowers after foreclosures rose to the highest on record in the third quarter. JPMorgan Chase & Co said Oct 31 it will stop foreclosure on some loans as it works to make payments easier on $110 billion of problem mortgages, while Bank of America Corp said it has modified 226,000 loans this year, including those from Countrywide Financial Corp.

Citi to follow rivals in halting foreclosures

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US