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The Obama Administration created a plan to reduce foreclosures by modifying mortgage targets for up 4 million homeowners. The program was announced on February 18. The key provisions include subsidies to lenders, including bond investors to help lower a borrower's housing payments to 31% of their income. Bondholders do not like the idea that incentives would be given to loan servicers, the industry middlemen who decide which loans are to be reworked. Servicers can get $1000 for each modified loan and an additional $500 for every loan changed before borrowers fall more than two months behind, and $1000 annually for as many as three years of on-time payments.
So far six servicers have signed up including JP Morgan Chase & Co (NYSE: JPM) and Wells Fargo & Co (NYSE: WFC). Government payments to these companies may total $9.9 billion.
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