Citi has joined other lenders in offering streamlined workouts to home loan borrowers who are at risk of default.

Over the next six months, Citi says it will pre-emptively reach out to 500,000 homeowners whose loans Citi owns and who are not currently in default but are at risk of foreclosure. Citi estimates the effort will result in $20 billion of loan workouts, and the company said the effort is focused primarily on borrowers in areas facing "extreme economic distress."

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