CitiMortgage is stepping up and doing all they can to try and help struggling borrowers. On Tuesday, they announced that all unemployed homeowners with homes financed by CitiMortgage, will be eligible to have their mortgages temporarily reduced to $500 per month. The president and CEO of CitiMortgage, Sanjiv Das, told CNN Radio that, "We're planning to help recently unemployed homeowners by giving them the ability to pay as little as $500 a month on their mortgage, which is effectively less than the price of an average one-bedroom rental nationally,". He also remarked that, "This is intended to keep the neediest borrowers in their homes,..."We hope to help thousands of customers with this,".

Das further explained the program, by saying that borrowers will be allowed to participate in the program for 90 days, if they show documents proving that they are recent recipients. Extensions may be possible once the 90 days end, depending on each individual homeowner and their circumstances.

At the moment CitiMortgage has over 1.4 million customers, and for this past year, over 4 million people have become unemployed. So far, no estimates have been made to as how many CitiMortgage customers will use the program. CitiMortgage has also been hit by the crisis, it is a subgroup of Citigroup bank, which recently got $45 billion in federal bailout funds in return for giving 36% of its ownership to the government.