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Citi backs foreclosure prevention plan

Banking giant gives nod to legislation that would allow judges to alter mortgages for homeowners who have filed for bankruptcy.

NEW YORK (CNNMoney.com) — Citigroup reached an agreement with Democratic lawmakers Thursday on legislation that would allow judges to reduce mortgage debt for individuals who have filed for bankruptcy.

Sen. Dick Durbin of Illinois, the bill’s architect, said he hoped the participation of Citigroup would entice other mortgage lenders to sign onto the program.

“I hope other institutions will follow suit,” he said. Durbin appeared at a press conference along with fellow sponsors of the bill, Sen. Christopher Dodd of Connecticut and Sen. Charles Schumer of New York.

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Post from: Craig Fuhr

This is SICKENING! Say No To Bailouts!