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Loss Mitigation

FDIC Revises Proposal to Refinance Troubled Loans

The Federal Deposit Insurance Corporation (FDIC) proposed on Friday to spend $24 billion of the $700 billion bailout package to help 1.5 million households avoid foreclosure. This new plan is a mild deviation from the FDIC’s $40 billion incentive-based foreclosure plan put forth to Congress committee members in late October, under which the government would guarantee part of homeowners’ modified loans.

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Webster Bank Suspends Foreclosures

Webster Bank N.A., a subsidiary of Webster Financial Corporation, announced today that it is halting foreclosures for 90 days, becoming the latest bank to expand its mortgage assistance program to keep more families in their homes.

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Citi Imposes Foreclosure Moratorium

Following suit behind other national lenders such as Bank of America and JPMorgan Chase, Citigroup said on Monday that it is stopping foreclosures on borrowers who occupy their property as a principal residence and have enough income to keep up lower, renegotiated mortgage payments.

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Chase Expands Loan Mod Program

Chase, the U.S. consumer and commercial banking arm of JPMorgan Chase & Co., announced on Friday that it is xexpanding its already significant mortgage modification program by undertaking multiple initiatives designed to keep more families in their homes, including extending its modification programs to WaMu and EMC customers,x the bank said in a press statement.

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