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TARP Recipients Will Be Required to Modify Loans

Posted on 09 Apr 2009

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U.S. banks that receive federal aid from the Troubled Asset Relief Program will be required to modify troubled loans under the Obama Administration's Making Home Affordable program, Housing and Urban Development Secretary Shaun Donovan said.

“We’re also going to require as a condition of participation in TARP going forward that banks do participate in this plan,” Donovan said in an interview on Bloomberg television today.