THE PLAN: Citigroup is trying to help keep struggling homeowners out of foreclosure by turning them into renters.

HOW IT WORKS: Carrington Capital Management will contact homeowners who owe more on their house than it's worth, but also seem to have the means to keep making monthly payments. Homeowners who choose to participate would have to transfer the ownership of their house to Carrington and another firm, Oaktree Capital Management.

WHO IT HELPS: Carrington says the pilot program will help about 500 homeowners in the hardest hit housing markets: Arizona, California, Texas, Florida, Nevada and Georgia.