US housing market

In response to the U.S. Treasury’s call to speed the process and help prevent foreclosures, Citigroup Inc has significantly boosted its mortgage modification offers this month.

In a report released on Tuesday, CitiMortgage said that it has already helped 108,000 homeowners in the last quarter to avoid potential foreclosure, a rise of nearly 30 percent over the previous period.

It has participated fully in the President Barack Obama’s Home Affordable Modification Program, known as HAMP, to ease loan terms for up to 4 million borrowers.

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Tagged as: Bank of America, borrowers, Citigroup, CitiMortgage, economy, foreclosures, HAMP, Home Affordable Modification Program, home prices, homeowners, inventories, JPMorgan Chase & Co, modification, Mortgage, President Barack Obama, Recession, report, U.S. Treasury, US housing market

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