News April 16, the U.S. Treasury Department said today that if the United States to amend its six major banks in question and mortgages can help buyers avoid foreclosure housing, these banks will receive nearly 10 billion U.S. dollars a federal subsidy.
The principle of distribution according to the Ministry of Finance, Citigroup, JP Morgan Chase, Wells Fargo's mortgage sector will receive subsidies of more than two billion U.S. dollars.
The total amount of subsidies from the funds of 50 billion U.S. dollars designed to encourage mortgage lenders to relax the terms of a problem mortgage plan. Ministry of Finance said there will be more mortgage lenders are eligible for subsidies.
Sina Finance Apr. 16, 2009
