KPCC News In Brief
IndyMac Federal Bank unveils anti-foreclosure plan
IndyMac Federal Bank is offering to make home loans more affordable for borrowers who are at least two months behind in their payments.
The bank’s acting chief executive John Bovenzi says IndyMac will probably reduce interest rates or extend the terms on home loans.
John Bovenzi: “By modifying loans to create long-term affordable payment plans for borrowers, we hope to minimize the number of foreclosures and keep homeowners in their homes.”
Bovenzi says more than 40,000 IndyMac mortgage loans are headed toward foreclosure.
The Federal Deposit Insurance Corporation took over the Southland-based bank after it failed earlier this year.
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- November 19, 2008 1:58 PM
- Categories: Business/Economy
