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Banks Reacting to Federal Call for Foreclosure Moratorium

NEW YORK, Feb 13, 2009 (BUSINESS WIRE) —
“To reiterate the commitment made by Chief Executive Officer Vikram Pandit to the House Financial Services Committee on February 11, 2009, Citi is taking the necessary steps to help American homeowners keep their homes. As part of this commitment, Citi has initiated a foreclosure moratorium on all Citi owned first mortgage loans that are the principal residence of the customer as well as all loans Citi services where we have reached an understanding with the investor. The moratorium is effective February 12, 2009, and will extend until President Barack Obama has finalized the details of the loan modification program or March 12, 2009, whichever is earlier. The company will not initiate or complete any new foreclosures on eligible customers during this time.
“Today’s announcement expands on Citi’s current foreclosure moratorium in which Citi does not initiate or complete a foreclosure sale on any eligible borrower where Citi owns the mortgage, the borrower is seeking to stay in the home, which is his or her primary residence, is working in good faith with Citi and has sufficient income for affordable mortgage payments.
“Since the start of the housing crisis in 2007, Citi has worked successfully with approximately 440,000 homeowners to avoid potential foreclosure on combined mortgages totaling approximately $43 billion. Last year, Citi kept approximately four out of five distressed borrowers with mortgages serviced by Citi in their homes.”

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