Citigroup lowers mortgage rates for some

March 3, 2009 6:59:31 PM PST
Citigroup says it will lower mortgage payments for some unemployed homeowners, an average of $500 a month.

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The reduction announced Tuesday is only temporary, lasting only three months. Those still unemployed after that will be handled on a case by case basis by the bank.

To qualify, you must be 60 or more days past due on your mortgage or in foreclosure. The home must be your primary residence.

This announcement comes day after the government announced a $25 billion bailout of Citigroup in exchange for a 36-percent equity stake in the company.

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