FDIC Announces $24 billion to Deliver FDIC-Backed Loan Modifications, Bases Program on Pasadena California Loan Mod Progam
Wednesday, December 3rd, 2008Federal Deposit Insurance Corp. (FDIC) proposed November 14th to use $24 billion in government funding to help 1.5 million American households avoid foreclosure.
The agency’s plan, posted on its Web site Friday, would guarantee 2.2 million modified loans — mainly risky loans made to borrowers with weak credit or small down payments — through the end of next year. Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable. (more…)
