Citigroup announced today a moratorium on some home foreclosures. The news comes as foreclosures in the Chicago region continue to skyrocket.
Over the next 6 months, Citigroup plans to reach out to a half a million homeowners who are behind on their mortgage payments. Geoff Smith is vice president of the Chicago-based Woodstock Institute, a housing policy group. Smith says the program could really help homeowners but, he still has some concerns.
SMITH: You have a really this really splashy press release with big numbers attached to it in terms of the number of borrowers this is going to help. But then there's all sorts of fine print that has to be looked at.
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