Volume 27 - Number 9
March 4, 2010
FDIC Works on Principal Forgiveness Option for Underwater Borrowers
The Federal Deposit Insurance Corp. is developing a program to reduce the principal owed by underwater borrowers whose loans were held by banks and thrifts that have gone insolvent. FDIC Chairman Sheila Bair last week announced the program, although agency officials have provided few details. Borrowers would be eligible for a reduction in their mortgage balances if they keep making...
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