Citi Reports Rise In Foreclosure Prevention Activities

Published: 24-Nov-2009

Third quarter loss mitigation successes outnumber foreclosures completed by more than 15 to one

Citigroup has released its eighth quarterly mortgage data report providing a fresh perspective on its US 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.

Citi said that the total loss mitigation actions for borrowers serviced by it rose 85% from the same period in 2008, attributable to it’s 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).

Sanjiv Das, president and CEO of CitiMortgage, the Missouri-based division that manages the majority of Citi’s $751 billion mortgage servicing and lending portfolio, said: “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.

“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.”

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