Citigroup Endorses Mortgage Compromise

Five consumer and civil rights groups issued a joint statement Jan. 8 calling for quick action on a consumer mortgage modification compromise, already supported by Citigroup, which would give bankruptcy judges the ability to adjust principle payments of interest rates on existing loans, forcing lenders to take losses without a voice in bankruptcy proceedings.

The National Association of Consumer Bankruptcy Attorneys, the Center for Responsible Lending, the National Consumer Law Center , the Consumer Federation of America and the Leadership Conference on Civil Rights urge the incoming Obama Administration to act quickly and enact a mortgage compromise reached between Citigroup and federal lawmakers.