Citi cuts unemployed homeowners slack

Some will see payments slashed to $500 a month

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CitiMortgage announced today it will reduce the monthly payments of homeowners who lose their jobs are behind on their mortgages to an average of $500 a month for three months.

The new Homeowner Unemployment Assist initiative is only available for first mortgage loans on a principal residence that conformed to Fannie Mae and Freddie Mac’s limits at the time of origination.