![]()
- Credit Markets on Edge About When Fed Will Raise Rates
- Bove: Expect Goldman To Increase Dividend Meaningfully
- Bullish Sign for Gold: Central Banks Are Big Buyers
- Victoria's Secret Hopes to Rekindle Desire for Lingerie
- High Roller Sues Harrah's for Lost Millions
- Wall Street Jobs Slow to Return Despite Record Profits
- Big Shareholders Ask Goldman to Cut Bonuses: Report
- Buying an Expensive House? Government Can Help
- Review: What It's Like to Drive the New Chevy Volt
- How Stock Investors Can Play Holiday Travel
- Time Lapse World Series Is A Great Play
- Hirschhorn: Greed...or Fear
- My Top 10 Tech Toys for the Holidays
- iPhone a Better Gaming Platform Than Android?
- May Day For Dendreon
- 100% Mortgage Financing From USDA
- Holiday Tipping: Who And How Much
- Deep Discounts Should Make It a Very Tech-y Holiday
MOST SHARED
- Nielsen Ratings Coming to Video Games
- Confessions of a Black Friday Shopper
- 'New Moon' Midnight Showings Earn Record $26.3 Million
- Oil Next Week
- Time Lapse World Series Is A Great Play
- The Week Ahead
- This Holiday Season—Little Joy For Those Hard Hit
- Hot Topics at TEDMED
- Twilight, Inc., A Worldwide Craze
- Hershey Mulls $17 Billion Bid for Cadbury: Source
Citigroup Monday became the latest major U.S. lender to try to help borrowers stay in
their homes, launching a program it said may result in $20 billion of mortgage refinancings.
![]() |
AP Foreclosed California home |
Citigroup [C
Loading...
()
] also agreed to halt foreclosures for struggling borrowers who live in their homes, have sufficient income to afford lower payments, and are making an effort to work out their problems with the bank.
Monday's changes cover borrowers whose mortgages Citigroup owns, rather than those it has sold to investors. Citigroup said it also streamlined procedures to rework delinquent home loans, modeling it on a Federal Deposit Insurance Corp plan to ease terms for many IndyMac borrowers.
The bank said it has since 2007 already taken steps to help 370,000 borrowers avoid foreclosure. It said it ended September with $202 billion of North American residential real estate loans and a $646.5 billion mortgage servicing portfolio.
Citigroup joined Bank of America [BAC
Loading...
()
] and JPMorgan Chase
[JPM
Loading...
()
] among lenders to recently announce steps to limit foreclosures.
Lenders are acting as Washington faces pressure to do more to help borrowers, after ommitting hundreds of billions of dollars of taxpayer money to help support or bail out financial companies.
Foreclosures are soaring as home values and economic conditions decline, leaving many borrowers unable to keep up with payments or owing more than their homes are worth.
Home prices fell by a record 16.6 percent in August from a year earlier, according to the S&P/Case-Shiller Home Price Indices. Foreclosure filings between July and September rose 71 percent to a record 765,558, according to RealtyTrac.
For Investors ...
JPMorgan on Oct 31 said it would try within the next two years to renegotiate $70 billion of mortgages held by 400,000 borrowers. It also suspended foreclosures on loans it owns for about 90 days.
Bank of America earlier in October announced its own plan aimed at nearly 400,000 former Countrywide Financial customers, as part of a settlement with 11 state attorneys general. The bank bought Countrywide in July.
Wells Fargo [WFC
Loading...
()
], another major lender, has said it planned to refinance some troubled adjustable-rate mortgages it would take on when it finished buying Wachovia [WB
Loading...
()
].
- Technology can make or break a fortune in the world of alternative energy.
- Many people are facing the holidays with substantially smaller incomes. Here’s how some are adapting.
- Jim Cramer is a proponent of stocks that pay healthy dividends, and here are his top five dividend plays.
- From salt, to lip balm to envelopes, it turns out that bacon flavoring can sell almost anything.
- The homebuyer's tax credit jacked sales for a while, but 2010 is looking weak. Now what?
- CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.














