Citi Notes First-Quarter Loss Mit Success

Posted by Orb Staff on May 15, 2009 No Comments
Categories : Mortgage Servicing

rtgage – the nation's fourth largest servicer – says its foreclosure prevention efforts are showing signs of success. According to the company's Office of Homeownership Preservation, its U.S. efforts to keep distressed Citi borrowers in their homes outnumbered foreclosures completed by a ratio of more than 10 to one in the first quarter – an increase over the fourth-quarter 2008 ratio of six to one. Citi, which says it will meet with local leaders from Rainbow PUSH Coalition, the Spanish Coalition for Housing and the Westside Ministers Coalition this weekend during a Chicago homeowner outreach event, notes its initiatives have helped keep Illinois homeowners in their homes by a ratio of more than eight to one, compared to more than five to one last quarter. "Preemptive outreach to homeowners is often the best defense against foreclosure," says CitiMortgage CEO Sanjiv Das. "At Citi, we are committed to working with our national and local community partners as well as using Citibank's retail banking resources to communicate with homeowners, to keep people in their homes and to strengthen neighborhoods across the country." These community events are an extension of Citi's foreclosure prevention programs in which Citi works with nonprofit organizations through the following efforts: coordinating foreclosure prevention strategies across the country; offering broad-based financial education and free nonprofit counseling for its mortgage customers; and providing nonprofit counseling organizations with direct access to Citi's loss mitigation staff. In partnership with Neighborhood Housing Services of Chicago, Citi was the first financial institution to support the 2003 launch of the Home Ownership Preservation Initiative (HOPI) to provide foreclosure prevention initiatives and counseling programs in Chicago, which became the national blueprint for foreclosure prevention. Foreclosures completed in the total Citi servicing portfolio in Illinois were down approximately 41% in the first quarter of 2009 as compared with the fourth quarter of 2008, and down approximately 32% over the prior year time period. SOURC

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