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Loan Modification

: Mortgage Lender Implode-o-Meter

FDIC to test principal reduction for underwater borrowers

By Implode-Explode Heavy Industries

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"The Federal Deposit Insurance Corp. is developing a program to test whether cutting the mortgage balances of distressed borrowers who owe significantly more than their homes are worth is an effective method for saving homeowners from foreclosure."

Full post as published by Mortgage Lender Implode-o-Meter on February 26, 2010 (boomark / email).

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