Mortgage Lenders To The Rescue…For Who?

Citigroup has created the Citi Homeowner Assistance program to help mortgage holders avoid foreclosure.
Citi is not the first and will not be the last bank to announce homeowner relief efforts.  Bank of America and JP Morgan Chase have already taken recent measures to spare homeowners from foreclosures.  Fannie Mae and Freddie Mac will release details of their homeowner relief programs this afternoon.
According to MarketWatch, Citi has trained counselors who will initiate contact with homeowners particularly in areas where prices are falling and unemployment is high.  Over the next six months these counselors will attempt to make contact with 500,000 borrowers via mail, email, phone, social networks…this type …read more