Citibank imposing moratorium on foreclosures

Citigroup says it is imposing a moratorium on most foreclosures.
   
It’s part of a series of initiatives aimed at helping at-risk borrowers remain in their homes. It makes Citi the latest big bank to announce sweeping efforts to try to curtail losses from souring mortgages.
   
Citi said late Monday it won’t initiate a foreclosure or complete a foreclosure sale on any eligible borrower who seeks to stay in a home. The home needs to be the borrower’s principal residence, the homeowner would have to be working in good faith with Citi and have sufficient income to make affordable mortgage payments.
   
Citi said it is also working to expand the program to include mortgages the bank services but does not own.