Citibank (NYSE: C) Permanently Modified 24,555 Mortgages as of March 2010
Citigroup Inc (NYSE: C)’s CitiMortgage unit has made permanent loan modifications to 24,555 mortgages as of March 2010, up from February’s total of 15,607 permanent home loan modifications.
Citigroup has done a much better job than some of the other large-cap banks at making sure that its customers who qualify for modifications can receive them. During the month of March, 47% of eligible Citigroup customers received modifications, compared to 26% of Bank of America customers. Citigroup’s rate fell a bit from February, when 52% of eligible homeowners received modifications.
As of January, 2010 Citigroup had only made 10,929 permanent mortgage modifications. Citigroup and other banks have recently beefed up their support staff to handle mortgage modifications and these efforts are beginning to show in modification numbers as the bank’s staff works with more customers to get loans modified.
Citigroup and other mortgage lenders have been asked to begin making principal payment reductions and developing forbearance plans to homeowners that are upside down on their mortgages and are unemployed.
-
andycheng



