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Citigroup announces commitment to government's second mortgage modification plan.

Global Banking News-26 March 2010-Citigroup announces commitment to government's second mortgage modification plan(C)2010 ENPublishing -

Global Banking News - 26 March 2010(c)2005 - Electronic News Publishing -

Citigroup, Inc (NYSE: C) has announced that it would join the US government's second mortgage modification programme.

The programme is part of the Obama administration's USD75bn loan modification programme, and is aimed at helping mortgage customers who have defaulted on their repayments.

The second-mortgage modification programme allows customers who availed second mortgages to lower payments or eliminate the loans entirely. During the credit boom, even customers who had bad repayment track records were provided with second mortgages.

Other big banks such as Bank of America Corp (NYSE: BAC), Wells Fargo & Co (NYSE: WFC) and JPMorgan Chase & Co (NYSE: JPM) are participating in the programme.

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Publication:Global Banking News (GBN)
Date:Mar 26, 2010
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