Getting your player ready...
WASHINGTON — 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 companies — including some of the mortgage industry’s biggest players — will receive a maximum of $9.9 billion in incentive payments, which are designed to encourage mortgage companies to lower borrowers’ monthly bills.
Chase Home Finance, part of JPMorgan Chase & Co., will receive up to $3.6 billion, the largest amount among the six companies. The other recipients are Wells Fargo & Co., GMAC Mortgage Inc., Citigroup Inc.’s CitiMortgage unit, Select Portfolio Servicing and Saxon Mortgage Services Inc.
