The Real Deal Miami

Citigroup to lower mortgage payments

March 03, 2009 12:18PM

Citigroup said today that it will lower mortgage payments for some
homeowners to an average of $500 per month to help those who are
unemployed. Those who qualify for the reduction include mortgage
holders who are 60 days or more past due on their payments or are in
foreclosure. Thousands may be eligible for the program over the next
two years, Citigroup said. The mortgage must be for the individual’s
primary residence. The U.S. government recently announced that it
would trade $25 billion in bailout money for a 36 percent stake in
Citigroup, the third bailout in five months for the troubled bank.