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Citi Foreclosure Prevention Activities Show Increased Progress


Third Quarter Loss Mitigation Successes Outnumbered Foreclosures Completed By More Than 15 to one.

NEW YORK, NY – Citigroup today released its eighth quarterly mortgage data report providing a fresh perspective on its U.S. mortgage servicing business, and showing continued progress in its efforts to help distressed homeowners avoid potential foreclosure. New data on Citi’s consumer lending activities reveal loss mitigation successes outnumbered foreclosures completed by more than 15 to one, nearly four times the rate it reported in the third quarter of 2008.

In the current quarter, Citi helped approximately 130,000 distressed homeowners with loans it owns or services remain in their homes and avoid foreclosure on mortgages valued at more than $20 billion. Total loss mitigation actions for borrowers serviced by Citi rose 85 percent from the same period in 2008, attributable to Citi’s robust foreclosure prevention program of modifications, extensions, forbearances and reinstatements, which include the Citi Homeowners Assistance Program and the Citi Unemployment Assist Program. Citi is also a committed participant in the federal Home Affordable Modification Program (HAMP).

“We recognize the difficulties that homeowners face in the current economic environment and our number one priority is to help keep homeownership a reality for our customers who find themselves in financial distress,” said Sanjiv Das, President and Chief Executive Officer of CitiMortgage, the Missouri-based division that manages the majority of Citi’s $751 billion mortgage servicing and lending portfolio. “As the economy remains challenged amid rising home foreclosures, Citi has stepped up its efforts to assist its customers through increased staffing and enhanced programs designed to develop individualized solutions to allow families in financial distress to keep their homes.”

Since the start of the U.S. housing crisis in 2007, Citi has worked with approximately 715,000 homeowners to avoid potential foreclosure on mortgages with a total original value of nearly $79 billion. As of October 31, Citi had begun trial mortgage modifications for 40 percent of HAMP-eligible borrowers, the highest proportion of the largest U.S. commercial bank mortgage servicers.

Citi remains the only major lending institution to provide detailed analysis of its portfolio of owned and serviced loans. The eighth addition of the Citi U.S. Mortgage Lending Data and Servicing Foreclosure Prevention Efforts report provides national and select state-level data on Citi’s loss mitigation activities during the third quarter of 2009.

Citi Remains Active Mortgage Provider

In the third quarter Citi processed nearly 175,000 mortgage applications with an aggregate value of $25 billion, and originated approximately $14 billion in mortgage loans, helping more than 63,000 Americans either purchase a home or secure more attractive terms through refinancing. In the third quarter Citi completed the refinancing of approximately 47,000 primary mortgages.

“Importantly, even in this environment,” continued Das, “we continue to extend mortgage credit to people of various socioeconomic backgrounds to fund home buying across the country.”

Citi Office of Homeownership Preservation

Citi established the Office of Homeownership Preservation (OHP) in 2007 to work with the business to provide a range of support services that go beyond modification of a mortgage loan, including an extensive partnership network with non-profit organizations that offer legal assistance, counseling, and translation services to borrowers. The company continues to support local community organizations with financial contributions and by leveraging technical assistance and the tremendous efforts of Citi’s employee volunteers.


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