Citigroup Offers Rental Concept to Struggling Borrowers

Posted on Aug 13, 2012

Citigroup is launching a program to rent homes back to home owners that are struggling to make their mortgage payments rather than trying to evict them. 

Citigroup’s announcement comes on the heels of Bank of America, which announced in a similar program earlier this year to try to lessen the number of foreclosures. 

Citigroup announced its “Home Rental Program” will rent out 500 homes in its launch of the program. However, the bank doesn’t actually own the homes that it plans to ren. Rather,Citygroup has sold the mortgages to an investor group Carrington Capital Management and Oaktree Capital, Fortune reports. The investment groups have agreed to allow the borrowers a chance to “hand over their home in return for getting the right to rent it back” or they’ll start foreclosure proceedings for the defaulting borrowers.

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