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Citigroup to Lower Some Mortgage Payments

NEW YORK (AP) - Struggling bank Citigroup says it will lower
mortgage payments for some homeowners to an average of $500 a month
for three months as part of a new program to help the unemployed.
Customers who may qualify for assistance include those that are
60 days or more past due on their mortgages or in foreclosure, can
pay the reduced amount and have a first mortgage loan that meets
certain specifications.
New York-based Citigroup Inc. says if customers are still
without jobs after three months their mortgages will be handled on
a case by case basis to come up with the best payment option.
Homeowner Unemployment Assist is geared toward helping people
avoid foreclosure.


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