Feds Announce Mortgage Modification Program For IndyMac Home Loans

CNNMoney reports:

• Six weeks after taking over mortgage lender IndyMac Bank, the FDIC announced a plan on Wednesday to automatically modify some of the bank's most troubled borrowers to keep them in their homes. The Federal Deposit Insurance Corp. said it will start sending out letters this week to thousands of borrowers most seriously delinquent on their loans. The goal of the modifications: to provide borrowers with affordable payments while minimizing the risk of foreclosure and loss for investors in securities backed by the loans.

For more, see Distressed IndyMac borrowers to get relief (FDIC offers plan to systematically modify loans for homeowners most at risk of foreclosure).