Citigroup To Help The Unemployed With Their Mortgage

Now this seems to be a plan but at the same time shouldn’t they be doing forbearance for the client until they find a job?  According to The WSJ, Citigroup Inc. announced 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.

http://online.wsj.com/article/SB123604815369915983.html#mod=testMod