Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Citi's holiday treat: No foreclosures for a month

By Hibah Yousuf, staff reporter

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.

After losing their home, the Thomsons thought they'd never recover. They've found it difficult to rent and their credit is wrecked, but life is looking up.

"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. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.93%3.86%
15 yr fixed2.99%3.02%
5/1 ARM3.26%3.20%
30 yr refi3.98%3.92%
15 yr refi3.05%3.06%
Rate data provided
by Bankrate.com
View rates in your area
Find personalized rates:
Index Last Change % Change
Dow 17,839.78 27.59 0.15%
Nasdaq 5,123.65 20.84 0.41%
S&P 500 2,092.10 2.96 0.14%
Treasuries 2.23 -0.01 -0.49%
Data as of 3:28pm ET
Company Price Change % Change
Pfizer Inc 32.93 0.96 3.00%
HP Inc 12.66 -1.98 -13.52%
General Electric Co 30.40 -0.27 -0.86%
Bank of America Corp... 17.45 -0.02 -0.11%
Freeport-McMoRan Inc... 8.12 -0.19 -2.23%
Data as of 3:14pm ET


Lower jet fuel prices have resulted in an $11 billion windfall and record profits for airlines, but passengers have seen only a modest drop in fares. More

Brazilian police arrested a prominent senator and billionaire CEO for interfering in the investigation of Petrobras, which has pushed Brazil into recession. More

Watsi crowdfunds donations to cover healthcare costs of those in need. And it's seeing a surprising trend: micro-donations via the popular Chinese social networking app, WeChat. More

Some of the coolest toys this year are from small businesses. Here are 10 hot toys that just might be a smash hit this holiday season. More

American consumers saved more in October compared to a year ago -- a sign of a behavioral shift in consumer spending. More