In an attempt to show the public that it really does have a heart, Citigroup has pledged to suspend all foreclosures nationwide for 30 days, allowing otherwise distressed homeowners to spend the holiday season safe in their homes.
The temporary stay will affect approximately 4,000 at-risk borrowers - 2,000 who are scheduled to have foreclosure sales and another 2,000 that were to receive foreclosure notices over the next 30 days.
The company which is itself struggling to pay back state aid and come out of a massive taxpayer-funded bailout, is making the gesture to increase goodwill.
"We hope that with this suspension we can make the holidays a little less stressful for our customers are going through a very difficult time," said Sanjiv Da, chief executive of CitiMortage, in a recent statement.
At the same time, Fannie Mae also announced on Thursday that it, too, would be suspending foreclosure evictions from December 19 through January 3.
Could it be? Yes, Virginia, there is a Santa Claus.
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