TBO.com - TBO is Tampa Bay Online

Mortgage firms get infusion

ADVERTISEMENT

The Associated Press

Published: June 17, 2009

WASHINGTON - The government will provide another $3.1 billion to a group of mortgage servicing companies as an incentive to modify loans to combat record levels of foreclosures.

The Treasury Department said Tuesday that the modifications, which included reductions in projected payments for some companies, pushed the total amount for the program to $18.3 billion, from $15.2 billion.

The department also added one company, Residential Credit Solutions of Fort Worth, Texas, to 15 other companies in the program.

The biggest adjustment was made for Countrywide Home Loans Servicing LP, part of Bank of America Corp., which received an increase of $3.3 billion, bringing its total to $5.2 billion.

Treasury spokeswoman Meg Reilly said original estimates were based on publicly available data. The revised estimates were calculated using more accurate data supplied by the companies.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT