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?