If you are unemployed and 60 days or more behind on your payments to CitiMortgage, help may soon be on the way, according to the Wall Street Journal. Citigroup is expected to announce a program today to temporarily decrease mortgage payments on loans of $417,500 or less to ~$500 a month for homeowners collecting unemployment. The program for those who have recently lost their job will also waive interest and penalties during the three month period of lower payments.

The program is a great idea, though I wonder about the execution and some of the exclusions. Why does this mortgage modification require 60 days of delinquency and exclude homeowners with jumbo mortgage loans?

Credit card companies have no doubt spent billions of dollars on advertising in order to get their credit card in a consumer’s wallet or purse. As a result, they have collected billions of dollars in payments from consumers on credit card balances and debt. Surprisingly, one credit card company decided to return some of that money to its cardholders this week. Only this time, rather than cash back rebates, frequent flier miles, or a no interest balance transfer to increase their use of plastic, they did so to get them to stop reaching for their credit card of choice.

Select American Express credit card holders will receive $300 to pay off the remaining balance on their American Express card by April 30th and close their account.

Citigroup, which has received $45 billion in capital from the TARP program, issued a “First Quarterly Progress Report on Its Use of Tarp Capital” today, according to the press release on its website. I’m pretty much rolling on the floor laughing over that headline, because it has me eagerly awaiting the second progress report. [...]

Various news outlets reported on Thursday that Democratic Senators and Citigroup had reached an agreement to allow bankruptcy judges to modify the terms of mortgages for homeowners in the bankruptcy process.  The financial industry has previously opposed the procedure, known as “cramdowns,” which force mortgage modifications on debt holders.  The hope is that bankruptcy judges [...]

Back in July, Citigroup announced that it was reconsidering its policy not to increase interest rates at any time for any reason.
There are reports today that it is increasing interest rates on up to 20 percent of its issued credit cards by an average of 3 percentage points.  Here’s the news story.  It seems to [...]

It hasn’t been a particularly good month to be a credit card company or a credit card processor.

American Express - Moody’s announced on Thursday that it is reevaluating American Express’ rating because of concerns over its credit card business and lending exposure.  (Details are in Reuters).  Moody’s cited a number of factors in the press [...]

On the eve of the Beijing Olympics, Citibank has begun issuing yuan denominated debit cards.  Read more at Reuters.

In its effort to save itself from the credit crisis, Citibank is risking alienating the majority of its customers and federal legislators and regulators as well.  Citibank started with a controversial new student loan policy announced after the Federal Reserve proposed regulations that would prohibit the announced practices.
Now, Citibank feels comfortable reconsidering promises made to [...]

Malaysia must have felt left out of the Ultimate Credit Card party because Citibank is now issuing the Giant Credit Card for Malaysian consumers.

If you thought that you had the best credit card for rewards, gas discounts, or airline miles - you may need to rethink your credit card choice. Apparently, Citibank unveiled the Ultimate Credit Card today.  The credit card is “a lifestyle experience with unbeatable international and local offers … to keep cardholders at the cutting [...]