NEW YORK (CNNMoney.com) -- Citigroup will suspend foreclosures and evictions for 30 days, giving 4,000 at-risk borrowers a break during the holiday season, the company said Thursday.
The New York-based bank said distressed homeowners with first mortgage loans owned by CitiMortgage or CityFinancial North America who also meet certain other criteria will not be subject to foreclosure sales or notifications between Dec. 18 and Jan. 17.
"We hope that with this suspension we can make the holidays a little less stressful for our customers who are going through a very difficult time," said Sanjiv Das, chief executive of CitiMortgage, in a statement.
Citi (C, Fortune 500) said the suspension affects 2,000 borrowers scheduled to have foreclosure sales and another 2,000 that were to receive foreclosure notices during the period, which amounts to approximately 20% of the company's $746 billion mortgage servicing and lending portfolio.
Fannie Mae (FNM, Fortune 500) also announced Thursday that it was suspending all foreclosure evictions from Dec. 19 through Jan. 3. All owners and tenants living in foreclosed properties that the mortgage financing company holds will not be subject to evictions during the holidays.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.35%||4.33%|
|15 yr fixed||3.77%||3.72%|
|30 yr refi||4.32%||4.34%|
|15 yr refi||3.73%||3.70%|
Today's featured rates:
Gun maker Sturm Ruger says it cut 700 jobs, more than a quarter of its staff, due to More
The Commerce Department launched an investigation into whether imported rubber bands are unfairly competing against the U.S. industry. More
When it's time to get washed, cutting edge vehicles require a human touch. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Here are 5 questions to ask yourself before deciding to pay off student debt early. More