President Barack Obama is due to meet UK Prime Minister Gordon Brown this week, and there is no doubt that global financial problems will be high on the agenda. It is thought that the President will be appreciative of the Prime Minister's experience of financial matters, during his long period as the British Chancellor of the Exchequer, which is the equivalent of the United States Treasury Secretary.
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There are sure to be many people, suffering from the effect of the global financial crises, including those struggling to meet their mortgage payments, who will be hoping that something useful emerges from the meeting. The situation is as bad in Europe, as in the US, and it is generally agreed that it will take a united effort by many nations to turn things round.
In the meantime it has recently been reported in Yahoo Business News Citigroup have introduced measures to allow some unemployed homeowners to temporarily reduce their mortgage payments.
Citigroup to allow jobless to cut mortgage payments
"Citigroup Inc said on Tuesday it will allow some newly unemployed homeowners to temporarily reduce payments on their mortgages.
The bank will lower payments for three months to an average of $500 per month for certain borrowers who lost their jobs and are at least 60 days delinquent. It plans to work case-by-case with borrowers who are still unemployed after that time.
While Citigroup said thousands of borrowers may be eligible, the program is likely to make only a small dent in the ranks of distressed borrowers as unemployment rises and housing prices extend their declines.
Citigroup's program is limited to people who have mortgages that are owned and serviced by CitiMortgage, and excludes the 4.3 million mortgages that Citigroup services but does not own. Qualified borrowers must live in their homes, and in general must have loans no larger than $417,500."
The Citigroup program seems to support President Barack Obama's plan to reduce mortgage payments for millions of struggling homebuyers. Many people in the UK will hope that this kind of assistance becomes available to them, as Banks bailed out with £billions of taxpayers money start lending again.
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Obama and Brown - Mortgage Crisis
Obama and Brown - Mortgage Crisis
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