The Citi Spruced the Lists of Bank Owned Foreclosure of Missouri

In Missouri the number of homes foreclosed by banks have been spruced up the Citigroup when it stepped up the attempts in order implement the Home Affordable Modification Program. Vikram Pandit, the CEO of Citigroup, observed that in Missouri the distressed homeowners applying for modifications in loans could achieve the results they desired. The ratio of modification was almost nine to one which, was in fact, a noteworthy degree of improvement compared to the last year’s July – September quarter records.

Regarding the Citigroup’s loan achievements, Pandit spoke in Olin Business School of Washington University based in Saint Louis. Pandit also sat for meetings with nonprofit groups including the local officials regarding the programs for prevention of foreclosure that can be supported by the Citigroup including participations. Approximately, an amount of $751 billion home loans are managed and maintained by the CitiMortgage division in O’Fallon, in Missouri.

The CitiMortgage is the servicing department present in Citigroup also came up with the report that there has been modification of at least 33% among all those home loans, which had qualified for alterations in Missouri until September within this year. The officials of Citigroup on a national basis claim that they have helped at least more than 715,000 homeowners. These homeowners were mostly the ones in trouble or distressed homeowners who belonged to the list of foreclosures that are put up by the banks, ever since the housing crisis cropped up in 2007. according to them the modification of loans were done on mortgage loans that are worth almost $79 billion.

The Citigroup observed that additionally to dealing with the program of federal modification that the Obama administration has launched, it has also formulated its very own program for modification of loans, which includes its Homeowners Assistance Program and its Unemployment Assist Program. It has continued to offer reinstatements, extensions, including forbearances. It also claims that it has the majority number of loan modifications within the number of mortgages as at least 33% of the qualified borrowers received help.

The Citigroup officers also agreed to the fact that the bank had released a specific report regarding the efforts that were made to prevent in each of the quarters. It also described the modification of loans that were made in the 22 states. They feel that among the mortgage lenders providing a quarterly report, the Citigroup is the single such association. The Citigroup in Missouri has at least 5,800 employees and has given $1.2 million as grants last year, to help the local nonprofit institutions. Within the months of July to September the filings for foreclosures in Missouri rose greatly compared to the last quarter which featured 8,000 filings for foreclosures. This also included the 3,000 houses that are already owned by the banks.

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