November 11, 2008
Citigroup announced today a moratorium on some home foreclosures. The
news comes as foreclosures in the Chicago region continue to skyrocket.
Over the next 6 months, Citigroup plans to reach out to a half a
million homeowners who are behind on their mortgage payments. Geoff
Smith is vice president of the Chicago-based Woodstock Institute, a
housing policy group. Smith says the program could really help
homeowners but, he still has some concerns.
SMITH: You have a really this really splashy press release with big
numbers attached to it in terms of the number of borrowers this is
going to help. But then there’s all sorts of fine print that has to be
Cititgroup says it will talk to homeowners who live in areas with
high-than-average rates of unemployment and foreclosures. The company’s
move follows similar efforts announced recently by JPMorgan Chase and
Bank of America.
I’m Tasha Flournoy, Chicago Public Radio.
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