"The U.S. Treasury Department will Tuesday tap a $50 billion housing rescue fund to pay off mortgage investors and reduce monthly payments for millions of borrowers, said a senior administration official.
Mortgage servicers that own a small stake in costly loans will receive a cash payment to either erase the debt or agree to accept a reduced return on their investment.
'It will be a shared effort with lenders, investors, borrowers and the government to ease or extinguish second-lien mortgage payments,' a senior administration official told Reuters."
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U.S. to payoff mortgage investors
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