In a preliminary review of its third-quarter foreclosure prevention data in the Florida housing market, Citi says its activities in the Sunshine State successfully helped distressed homeowners avoid potential foreclosure at nearly three times the rate of a year ago.
New third-quarter data show that Citi's loss mitigation successes in the state outnumbered foreclosures completed by a ratio of almost 16-to-1 compared to almost 6-to-1 in the third quarter of 2008. Citi manages a $750 billion mortgage portfolio of loans it owns or services.
‘We are pleased with our progress to date, but there is more to be done. Recent improvements in documentation requirements and increased borrower awareness are resulting in greater success for trial modifications and other solutions," says Sanjiv Das, president and CEO of CitiMortgage.
Citi released the foreclosure prevention results in Florida to coincide with Das' visit to the state, where he will meet with community leaders and nonprofit partners in Miami to discuss strategies foreclosure prevention strategies. The company is also a major local employer, with approximately 11,000 employees statewide.