Citi to allow jobless to pay less on loans

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March 3 (Reuters) - Citigroup Inc (C.N) will announce a new program on Tuesday aimed at reducing financial srains on unemployed homeowners, the Wall Street Journal said.

Under the program, Citigroup will temporarily lower mortgage payments to an average of $500 a month for certain borrowers who have recently lost their jobs and are at least 60 days behind on their mortgage payments, according to the paper.

Borrowers will be allowed to make the lower payments for three months and Citigroup will waive interest and penalties during this period, the paper said.

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