Bailout for Breakfast
Good morning! The administration's $50 billion mortgage modification program is out of the gate, and six major mortgage servicers have signed up to win billions in incentives. Four of the six participants have already gotten bailout money: JPMorgan Chase, Wells Fargo, Citigroup and GMAC. Under the program, they'll get payments from the government for every modification that meets certain guidelines.
Other links this morning:
This article is part of an ongoing investigation:
As big banks return their TARP money, Fannie Mae and Freddie Mac continue to be a drain.
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