First Hyundai “assured” customers they could return their new cars if they lost their job within one year of purchasing it without any negative impact to their finances. Next, the car company upped the ante by tossing in three months’ worth of payments to give you time to look for a new job. Well, now it seems their “we-understand-it’s-hard-out-there” approach to business is catching on. Citigroup just announced its pledge to take a similar approach with its customers.

The seriously-hurting bank promises to cut monthly mortgage payments to $500, on average, for three months to give mortgage holders who’ve lost their jobs and have fallen behind in payments a little breathing room. Citigroup thinks the new Homeowner Unemployment Assist program will help thousands of mortgage holders bridge their financial gaps until they can find a long-term solution.

According to FoxNews.com, to qualify for the program:

• Homeowners must be at least 60 days past due on mortgage payments or in foreclosure.
• The home has to be a primary residence.
• You have to be able to pay the reduced mortgage payment cost.
• As a homeowner, you’re required to meet all insurer and guaranty requirements.

The bank says it may expand the program to include early delinquencies as well as customers current on their mortgages after the initial phase of the program is underway.

This program will certainly offer a sigh of relief for homeowners struggling to deal with mounting debt in the face of unemployment. And in an era when companies seem to thank the American public for massive corporate bailouts by throwing expensive parties for themselves in Las Vegas and paying out big executive bonuses, perhaps this is a sign that at least one company is starting to “get it.”

What do you think? Does Citigroup actually care about its customers? Or is this just a flash-in-the-pan attempt to improve its image?