Friday, April 17, 2009

Banks Sign On To Obama Housing Plan

Six of the nations largest banks have agreed to participate in the Obama administration's plan to try and keep homeowners in their homes. These are JPMorgan Chase, Wells Fargo, Citigroup, GMAC Mortgage, Saxon Mortgage Services, and Select Portfolio Servicing.

The plan is designed to provide incentives to the lenders and loan servicers to modify loans that are more affordable. It also provides incentives to the homeowners to continue to make their payments, For program details, look at Understanding the New Housing Plan.

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