Citi, NACA Make $3B AH Pledge

CitiMortgage of New York has teamed up with the Neighborhood Assistance Corp. of America in a $3 billion, 10-year commitment to affordable housing lending for moderate- and low-income borrowers who graduate from NACA's financial education programs.Citigroup, the parent company of CitiMortgage, said the fund will primarily benefit first-time homebuyers -- as well as homeowners at risk of losing their homes, or facing financial distress -- through refinancing with no fees, points, or costs at affordable interest rates. NACA-qualified borrowers will benefit from favorable terms such as no downpayment and closing costs, no fees, and affordable interest rates even if they do not have a perfect credit score. NACA will provide one-on-one homeownership counseling in addition to comprehensive and rigorous education programs.