CitiMortgage announced today it will reduce the monthly payments of homeowners who lose their jobs and are behind on their mortgages to an average of $500 a month for three months. The new Homeowner Unemployment Assist initiative is available only for first mortgage loans on a principal residence that conformed to Fannie Mae and Freddie Mac's limits at the time of origination. Borrowers must be 60 days or more behind on their payments or in foreclosure, and cannot participate if they are eligible for a long-term loan-modification using criteria developed by the FDIC and adopted by Citi. Nevertheless, the company said it expects "thousands of homeowners may be eligible" to participate in the program in the next two years. Citi said if participating borrowers aren't employed again within three months, it will work with them on a "case-by-case basis" to "explore the best solutions for the customer." The program may be expanded to include borrower...
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