The only thing to fear is fear itself.

Franklyn Delano Roosevelt

Citi launches Homeowner Unemployment Assist Program

Wednesday mid-morning , March 4, 2009.

Great news!

Unemployed borrowers with first mortgage loans owned and serviced by CitiMortgage, who are late 2 payments, will be allowed to pay reduced mortgage payments for three months, with the average required payment for most qualifying customers pegged at $500 a month. If after these three months they are not employed, Citi execs state they are willing to continue workout solutions.

It’s a great start, and a great example for other lenders to follow.


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