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Thursday, January 08, 2009
Lawmakers Give OK to Citi's Loan Modification Plan
Associated Press
WASHINGTON--A trio of Democratic senators say they have reached a deal with Citigroup Inc. (C) on a plan to let bankruptcy judges alter home loans in an effort to prevent foreclosures.
The lawmakers aim to attach the plan to President-elect Barack Obama's economic stimulus legislation.
The compromise between New York-based Citigroup and Sens. Richard Durbin, Charles Schumer and Christopher Dodd, would be limited to loans made before the bill is signed.
Until now, the lending industry has battled against the concept, arguing it would force lenders to hike mortgage rates.
Durbin says: "I hope other institutions will follow suit."
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