Wednesday, August 15, 2012

The Bank as Your Landlord???

Citigroup's odd foreclosure rental program

The bank is trying to dump loans and claim it's helping borrowers at the same time.

rent vs buy
FORTUNE -- Citigroup is getting into the rental business, at least it says it is.
On Wednesday, the bank launched a program to rent out 500 homes to homeowners who are having trouble paying their mortgage, rather than put the loans in foreclosure and kick the owners out. Homeowner advocacy groups and liberal economists have been pushing banks to offer the option to rent to borrowers nearing foreclosure. So the fact that Citi (C) was becoming the second large bank - Bank of America launched a similar program in March - to try out a rental program that would alleviate some of the pain of foreclosure seemed like good news

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