Citigroup Launches Initiative to Protect Most Vulnerable Mortgage Holders

In the current world of financial turmoil, many people are worried about losing their homes due to mortgage arrears. Some people take out mortgage protection policies, but for those that cannot afford such cover, times are increasingly scary. One USA based bank is however trying to help those in need the most.

Citigroup Inc. is seemingly taking proactive actions to help the poorer members of the US, by allowing some recently unemployed mortgage payers to have a temporary reduction on their mortgage repayments.

Citibank is set to lower repayments for 3months to new av. repayment of five hundred dollars a month for some mortgage borrowers, providing they lost their jobs and are a minimum of 60 days delinquent. Continue reading »