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C » Topics » Citigroup Mortgage Foreclosure Moratoriums

These excerpts taken from the C 10-K filed Feb 27, 2009.

Citigroup Mortgage Foreclosure Moratoriums

On February 13, 2009, Citigroup announced the initiation of a foreclosure moratorium on all Citigroup-owned first mortgage loans that are the principal residence of the owner as well as all loans serviced by the Company where the Company has reached an understanding with the owner. The moratorium was effective February 12, 2009, and will extend until the earlier of the U.S. government’s loan modification program (described below) or March 12, 2009. The Company will not initiate or complete any new foreclosures on eligible owners during this time.

The above foreclosure moratorium expands on the Company’s current foreclosure moratorium pursuant to which Citigroup will not initiate or complete a foreclosure sale on any eligible owner where Citigroup owns the mortgage and the owner is seeking to stay in the home (which is the owner’s primary residence), is working in good faith with the Company and has sufficient income for affordable mortgage payments. Since the start of

the housing crisis in 2007, Citigroup has worked successfully with approximately 440,000 homeowners to avoid potential foreclosure on combined mortgages totaling approximately $43 billion.

Citigroup Mortgage Foreclosure Moratoriums

On February 13, 2009, Citigroup announced the initiation of a foreclosure moratorium on all Citigroup-owned first mortgage loans that are the principal residence of the owner as well as all loans serviced by the Company where the Company has reached an understanding with the owner. The moratorium was effective February 12, 2009, and will extend until the earlier of the U.S. government’s loan modification program (described below) or March 12, 2009. The Company will not initiate or complete any new foreclosures on eligible owners during this time.

The above foreclosure moratorium expands on the Company’s current foreclosure moratorium pursuant to which Citigroup will not initiate or complete a foreclosure sale on any eligible owner where Citigroup owns the mortgage and the owner is seeking to stay in the home (which is the owner’s primary residence), is working in good faith with the Company and has sufficient income for affordable mortgage payments. Since the start of

the housing crisis in 2007, Citigroup has worked successfully with approximately 440,000 homeowners to avoid potential foreclosure on combined mortgages totaling approximately $43 billion.

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 27, 2009

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