Citi Awards $50,000 to Chicago Nonprofit Counseling Organization for Foreclosure Prevention Programs.Grant to Spanish Coalition for Housing Supports Foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. Prevention Counseling prevention counseling AIDS Advising Pts on the risk of HIV infection and developing a plan to ↓ that risk for them and their partners Services CHICAGO -- Citi's Office of Homeownership Preservation today announced it has awarded the Spanish Coalition for Housing $50,000 to support foreclosure prevention counseling services. As part of its Foreclosure Prevention Program, Citi's Office of Homeownership Preservation is partnering with local nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. counseling organizations in 25 cities across the country to address foreclosure prevention through counseling and training programs. Grants totaling more than $1 million will help local organizations provide distressed borrowers with broad-based financial education and free, on-demand nonprofit counseling. The goal of these early intervention ear·ly intervention n. Abbr. EI A process of assessment and therapy provided to children, especially those younger than age 6, to facilitate normal cognitive and emotional development and to prevent developmental disability or delay. and education programs is to help reduce the number of foreclosures in cities across the country, including Chicago, and will help borrowers stay in their homes. "This is a meaningful contribution to our organization," said Ophelia Navarro, Executive Director of the Spanish Coalition for Housing. "Our research shows that approximately 60% of our clients can avoid foreclosure if they approach us for help shortly after they become delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. . Citi's support allows us to continue and expand this critical work and preserve communities throughout the Chicago metro area This article is about the music production team. For the article about population centers, see metropolitan area. Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. ." "At Citi we recognize that foreclosures affect the individual, the family and the community, and that early intervention and a full understanding of one's options can help preserve homeownership," said Natalie Abatemarco, Director of the Office of Homeownership Preservation, Citi. "Therefore, working closely with our local partners is instrumental in helping us mitigate the impact of foreclosures across the country. We are committed to helping keep families in their homes when possible and are proud to support the work of the Spanish Coalition for Housing." This initiative builds on Citi's long commitment to foreclosure prevention and loss mitigation. Earlier this month, Citi announced a series of initiatives designed to preemptively help potential at-risk borrowers remain current on their payments and ultimately their homes. The initiatives included launching the Citi Homeowner Assistance program, which will preemptively reach out to a select group of 500,000 homeowners whose mortgages Citi holds, as well as extending Citi's foreclosure moratorium A suspension of activity or an authorized period of delay or waiting. A moratorium is sometimes agreed upon by the interested parties, or it may be authorized or imposed by operation of law. practice to include mortgages it owns. Citi expects its new Homeowner Assistance program to result in workouts of approximately $20 billion in underlying mortgage balances. Additionally, through its Foreclosure Prevention Program, Citi continues to find opportunities to ensure borrowers stay in their homes. Citi works with nonprofits on foreclosure prevention through the following efforts: coordinating foreclosure prevention strategies across the country; offering broad-based financial education and free nonprofit counseling for all individuals; and providing nonprofit counseling organizations with direct access to Citi loss mitigation staff. About Citi Citi, the leading global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com. About the Office of Homeownership Preservation: In July 2007, Citi established its Office of Homeownership Preservation (OHP OHP Oregon Health Plan OHP Overhead Projector OHP Observatoire de Haute-Provence (French observatory) OHP Office of Historic Preservation OHP Oral History Project OHP Occupational Health Psychology OHP Oxford Health Plans Inc. ) to help Citi borrowers at risk of losing their homes. OHP is dedicated to developing solutions that preserve homeownership by providing education, training, and funding to key stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. to help mitigate the challenges that borrowers are facing today. To learn more about Citi's citizenship efforts: http://www.citigroup.com/citi/citizen/community/updates.htm. About Spanish Coalition for Housing: The Spanish Coalition for Housing (SCH SCH School SCH Schedule SCH Search SCH Semester Credit Hours SCH Santander Central Hispano (bank in Spain) SCH Socket Head SCH Synchronization Channel SCH Succinylcholine SCH Space Center Houston ) is the lead agency helping families with their housing needs in the greater Chicago area. Spanish Coalition for Housing is a non-profit organization A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. created in 1966. The mission of Spanish Coalition for Housing is to provide comprehensive counseling, education and housing resources necessary, provide the necessary information and assistance to renters and homeowners, avoid rent delinquencies, purchase homes, prevent mortgage defaults and foreclosures; aggressively market available resources to all Spanish speaking persons and others who require advocacy to which ensures that they have equitable opportunity to access them. |
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