Struggling U.S. homeowners could receive federal loans to pay down as much as 20% of their principal under a proposal introduced Wednesday by the Federal Deposit Insurance Corp. to help stem foreclosures.
The plan would be run through the Treasury Department, which would make the loans.
The program would hinge on the willingness of mortgage servicers and investors to agree to restructure troubled loans, as well as to pay the financing cost of making the federal loans.
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