CitiMortgage Funds Homeownership Across US

CitiMortgage announced today that since since April 2005, it has dispensed $5.4 million in affordable housing across the state of Texas. The funding allows low- and moderate- income, minority and underserved families to acquire homes. The program is part of Citi's Opportunities Within Neighborhoods, which aims to increase homeownership throughout the country by providing $200 billion by the year 2010.

To date, three years after the program's inception, 71 percent, or $143.8 billion, of the commitment has already been fulfilled.

"We've proven the dream of homeownership is a reality for 55,000 Texans in just over over three years," said Danny Gardener, national Director of Emerging Markets for CitiMortgage.

Under CitiMortgage's Opportunities Within Neighborhoods, as many as 95,000 more Texas families can apply to own a home. The program provides information, resources and seminars about financing new homes.

CitiMortgage declined to specify how many of these loans are subprime or how many are in some stage of default.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.