Citi believes the approach to loan modifications under the Administration’s Homeowner Affordability and Stability Plan will help keep borrowers in their homes, forestall foreclosures and stabilize communities around the country. We are also confident that this new approach will streamline servicers’ ability to make loan modifications more effectively and efficiently.
Throughout the housing crisis Citi has worked diligently with key stakeholders to seek solutions to help keep borrowers in their homes. Our Citi Homeowner Assistance program and our newly launched Homeowner Unemployment Assist program are two examples. And our foreclosure prevention efforts are working — Citi’s most recent Mortgage Data report shows that our foreclosure prevention actions helped keep distressed borrowers in their homes at a rate of approximately 6-to-1 in the fourth quarter of 2008.