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Six Big Banks May Get $10 Billion for Loan Modifications
Topics:Real Estate | TARP | Wall Street | Economy (U.S.) | Treasury Department | Banking
Sectors:Financial Services | Banks
Companies:Wells Fargo and Co | JPMorgan Chase and Co | Citigroup Inc
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Six large U.S. banks could pocket nearly $10 billion in federal subsidies if they modify troubled home loans and are able to save homeowners from foreclosure, the Treasury Department said on Wednesday.
The mortgage speciality arms of Citigroup [C Loading... ()], JPMorgan Chase [JPM Loading... ()] and Wells Fargo [WFC Loading... ()] would each earn over $2 billion for modifications that have long-lasting success, according to the Treasury's formula.
The money is available through a $50 billion program to encourage mortgage servicers to ease the terms on troubled loans. Many more mortgage servicers will be eligible for the subsidies, the Treasury said.
Copyright 2009 Reuters. Click for restrictions.
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