Two Ways To Play: Citi Tries Fixin' Foreclosures
Citi Tries Fixin' Foreclosures Following similar moves by JPMorgan Chase (JPM) and Bank of America (BAC) Citigroup (C) has announced plans to halt foreclosures over the coming months as it modifies as much as $20 billion in mortgages. The modifications will include lowering interest rates extending the terms of loans and as a last resort cutting the total amount of the debt. The program is expected to reach 500 000 customers with roughly 130 000 likely to see a reduced monthly payment. The nationwide initiative will focus primarily on those states that have been hardest hit by rising unemployment and sharply declining home ...
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