Citi Calls for More Mortgage-Principal Forgiveness
The Wall Street Journal | November 25, 2009
As unemployment rises, more borrowers need principal forgiveness on their mortgages, not just restructured loans, Citigroup Inc.'s mortgage chief said. The comments by Sanjiv Das, president and chief executive of Citigroup unit CitiMortgage Inc., came as Citigroup issued its latest quarterly report on its own mortgage-modification efforts. Citigroup said it helped 130,000 homeowners with $20 billion in mortgages outstanding avoid potential foreclosure last quarter.
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