For Immediate Release
Citigroup Inc. (NYSE: C)
January 05, 2010
Citi Office of Homeownership Preservation Contributes $50,000 to Stable to Help Distressed Citi Homeowners Avoid Foreclosure
Chicago, Illinois – As part of Citi’s efforts to help distressed homeowners, the bank is partnering with local community leaders to provide the programs, resources and information necessary to keep distressed borrowers in their homes and avoid foreclosure. Through a contribution of $50,000, Citi’s Office of Homeownership Preservation will partner with STABLE (Sustaining Together Basic Living Effort), a partnership in community preservation led by Nobel Neighbors, to assist Citi borrowers at risk of imminent default by utilizing Citi’s options to sustain homeownership and preserve communities in Illinois. The STABLE partnership also includes partners such as Partners In Community Building, Inc., the Westside Ministers’ Coalition and The Monroe Foundation.
The $50,000 contribution will provide the means to actively engage in an outreach effort to assist distressed Citi borrowers in the Chicagoland area. STABLE partners will prepare borrowers for referral to Citi’s Homeownership team by counseling them and preparing completed applications.
“Citi’s main concern is to help as many of our distressed customers as we can with a solution that is appropriate for their individual financial circumstances and needs,” said Helen Hammond Redding, Illinois State Director for Community Relations for Citi. “We hope that our continued efforts will help keep distressed borrowers in their homes, forestall foreclosures and stabilize communities.”