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Citigroup Drops Opposition to Mortgage Rewrite Measure

WASHINGTON - A bill allowing judges to rewrite the mortgages of people filing for bankruptcy won't be opposed by Citigroup, but still has a way to go before passing.

By Claude R. Marx | Updated on January 08, 2009

WASHINGTON – A bill allowing judges to rewrite the mortgages of people filing for bankruptcy won’t be opposed by Citigroup, but still has a way to go before passing.

Citigroup, which has received $45 billion under the Troubled Assets Relief Program, is the first major financial institution to drop its opposition to the so-called “cram down” measure, which CUNA and NAFCU also oppose.

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