Citigroup, Inc., offers $20 billion in mortgage modification to homeowners

November 11, 2008, West Palm Beach, FL (–Top news story–Citigroup, Inc., a New York based company, offers to modify terms on $20 billion in mortgages. The mortgage modification program will be offered to borrowers who are making their payments but are in danger of falling behind. Citigroup (NYSE:C) asserts about 130,000 consumers will see lower mortgages and this includes mortgage holders in good credit standing with prime and subprime short-term payday loans. Customers with mortgage payments equal to more than 40 percent of their income are the only homeowners who will benefit.

Bank of America Corp. (NYSE:BAC) and JPMorgan Chase & Co. (NYSE:JPM) of New York and now Citigroup are all offering loan modificaiton programs in response to the financial fallout. The Federal Deposit Insurance Corporation (FDIC) took over IndyMac Bancorp in July and is also extending help to homeowners with mortgages held with this lender as well. reporter providing ground breaking news by lawyers, journalists and other business professionals to their communities. Topics include world and national business litigation issues, political, legal and legislative government health and law topics, consumers rights legal actions.

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