Foreclosures related to the area impacted by the BP (NYSE:BP) crisis will be suspended by Citigroup (NYSE:C) starting on Thursday.
“By putting CitiMortgage foreclosures on hold, we aim to ease the burden on residents of the Gulf states so they can concentrate on the most urgent matters facing them,” Citigroup Chief Executive Officer Vikram Pandit said. “We will continue to explore ways to help people avoid foreclosure so they and their families can remain in their homes and have one less thing to worry about.”
Only those loans held by the mortgage unit of Citigroup, and what they identified as "certain other criteria," will be affected by the new bank policy.
Those qualifying for suspended foreclosures will include those the eviction process stopped if the properties of borrowers have already been seized.
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