Wednesday, June 16, 2010
Citi suspends mortgage foreclosures for those in the Gulf Oil spill area
NEW YORK -(Dow Jones)- Citigroup Inc. (C) is halting certain foreclosures in the areas affected by the oil spill in the Gulf of Mexico.
The bank announced a three-month suspension, effective Thursday through Sept. 17, of foreclosure sales and notifications, and evictions on possessed properties for qualifying borrowers in the Gulf region with first mortgages held by CitiMortgage.
And Fannie Mae announced relief for homeowners also:
WASHINGTON, June 16 /PRNewswire-FirstCall/ -- Fannie Mae (NYSE: FNM) today announced that servicers may immediately suspend or reduce mortgage payments for borrowers whose properties or income are negatively impacted by the Gulf oil spill.
"We want to give homeowners every opportunity to weather this unprecedented disaster, including relief from their mortgage payment if that will help them get back on their feet and stay in their homes," said Michael J. Williams, President and CEO. "Our policy is in place to support those who are experiencing a disaster-related hardship through no fault of their own and are acting in good faith to meet their mortgage obligation."
Posted by Palmoni at 3:35 PM