Six Mortgage Lenders to Participate in Obama Housing Plan. The firms will receive a maximum of $9.9 billion in
incentive payments, which are designed to encourage the companies to lower monthly bills for struggling homeowners. The first six firms in housing
plan named. The Obama administration on Wednesday named the first six companies participating in a $75 billion program designed to help millions of
struggling homeowners avoid foreclosure. The administration said the firms will receive a maximum of $9.9 billion in incentive payments, which are
designed to encourage mortgage companies to lower borrowers’ monthly bills. The government expects to finish arrangements with other companies in the
coming months. Chase Home Finance, part of JP Morgan Chase & Co., will receive up to $3.6 billion, the largest among the six companies. The other
recipients: Wells Fargo & Co., GMAC Mortgage Inc., Citigroup Inc’s Citimortgage unit, Select Portfolio Servicing and Saxon Mortgage Services, Inc.
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