Obama launches mortgage rescue plan
Obama launches mortgage rescue plan
First participants in the Treasury Department’s program to help homeowners avoid foreclosure include some of the nation’s largest banks.
NEW YORK (CNNMoney.com) — The Obama administration’s loan modification program is finally underway.
The Treasury Department announced Wednesday the first six participants to sign up for President Obama’s plan. They include three of the nation’s largest banks: JPMorgan Chase (JPM, Fortune 500), which will get up to $3.6 billion in subsidy and incentive payments; Wells Fargo (WFC, Fortune 500), $2.9 billion; and Citigroup (C, Fortune 500), $2 billion. The others are GMAC Mortgage, $633 million; Saxon Mortgage Services, $407 million; and Select Portfolio Servicing, $376 million.
Frank seeks strict mortgage rules
Frank seeks strict mortgage rules
House Financial Services Committee chairman Barney Frank plans to unveil a bill to more tightly regulate the way loans are sold to investors.
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| U.S. Rep. Barney Frank plans to unveil a plan to tighten regulation of the mortgage market. |
CAMBRIDGE, Mass (Reuters) — The chairman of a powerful U.S. Congressional committee plans to unveil legislation intended to provide longer-term stability to the U.S. mortgage market by preventing lenders from securitizing the full value of their loans.