U.S. Sets Big Incentives to Head Off Foreclosures

WASHINGTON — The Obama administration on Wednesday began the most ambitious effort since the 1930s to help troubled homeowners, offering lenders and borrowers big incentives and subsidies to try to stem the wave of foreclosures.

Several of the nation’s biggest mortgage-servicing companies, overseeing two-thirds of all home loans in the country — Citigroup, JPMorgan Chase, Bank of Amer ica and Wells Fargo — are expected to participate in the plan.
U.S. Sets Big Incentives to Head Off Foreclosures