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This new program would target borrowers whose loans are held by other companies.
The excessive fees and improper charges were levied on borrowers whose loans were serviced by Countrywide.
Existing federal programs focus mostly on borrowers whose loans are owned by the government.
Borrowers, whose loans may be little more than $25, join lending groups.
Payments made by borrowers whose loans have been securitized are collected and processed by mortgage servicers.
Unsecured lenders typically become nervous more easily than those whose loans are secured.
The president's latest proposal was aimed at two groups of eligible homeowners: about 11 million whose loans are backed by Fannie Mae and Freddie Mac, and about 3.5 million whose loans are privately held.
They are also waving off Fannie Mae from selling any of the foreclosed homes whose loans they sold to Fannie.
This new program would extend a similar refinancing opportunity to borrowers whose loans are held by private companies.
Only 3,000 homeowners whose loans are backed by F.H.A. insurance have been granted a forbearance since July.
Many borrowers whose loans are involved in the Richmond proposal are actually still current on their mortgages.
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CEO of Professional Science Editing for Scientists @ prosciediting.com