By Jeff McKinney
The Cincinnati Enquirer

A unit of the nation's largest financial-services company has signed a landmark deal with two Cincinnati consumer advocacy groups to make it easier for high-risk borrowers to refinance at better terms.

CitiFinancial, part of New York-based Citigroup Inc., has agreed with Communities United For Action and the WIN Action Organizing Project, both of South Cumminsville, to improve its lending practices to make credit more accessible to borrowers and reduce the number of predatory loans generated by the lender.

"This agreement basically is about a partnership that will give many of our borrowers access to lower-cost credit than they had access to in the past," said Harry Goff, president of CitiFinancial.

The agreement means CitiFinancial will work with the groups to help victims of predatory loans refinance loans, reduce their risks of not being able to pay off loans and make loan payments more manageable.

The partnership also comes at a time when predatory lending is a growing problem in many low- to moderate-income communities. That's where such lenders often target borrowers with poor credit histories who often can't qualify for loans with lower rates.

CitiFinancial and the Cincinnati groups are working out details on how many residents the groups serve might be affected by the reforms and how many loans might be modified with the changes.

"This is a great step toward helping our communities get back on their feet,'' said Charlene Dalton, a WIN Action Organizing Project representative.

E-mail jmckinney@enquirer.com.