BUSINESS

Citi Will Allow Unemployed Homeowners To Pay Less On Loans

04/02/2009 05:12 am ET | Updated May 25, 2011

Citigroup Inc. will announce Tuesday a new program aimed at addressing the latest challenge facing the mortgage industry: unemployed homeowners.

Under the program, Citigroup will temporarily lower mortgage payments to an average of $500 a month for certain borrowers who have recently lost their jobs and are at least 60 days behind on their mortgage payments. Borrowers will be allowed to make the lower payments for three months. Citigroup will waive interest and penalties during this period.

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