News of the housing market's economic temper may have gotten to the nerves of major banks. Citigroup Inc has now joined the ranks of lenders who have established programs to help their borrowers.
BankAtlantic and BankUnited have announced a moratorium on their foreclosure activities as they await the Obama Administration' recovery program for the housing market.
The mortgage unit of Citigroup Inc. has substantially increase its loan modification efforts in response to the Obama Administration's call to intensify and speed up the process to help as many people as possible avoid foreclosures. Additionally, the unit hired more employees to handle its foreclosed prevention program.
The increase in foreclosures has allowed house sales in Southern California to escalate December of last year due to the cost reduction of condominiums and houses from the previous year.
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