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HUD Chief Announces New Mortgage Rules

CitiMortgage CEO Sanjiv Das announced to On the Money on Monday an extensive new homeowner’s assistance program aimed to keep people in their homes by working with them to modify their mortgages. But that wasn’t all.

HUD is working actively to get lenders and brokers to adopt the plan quickly, Preston said, although the industry has up to a year to adopt it.

The expectation is to put the power back in the hands of the consumer, he said.