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Fannie Mae, Freddie Mac To Fund Loan Modification

According to CNNmoney.com Fannie Mae, Freddie Mac and Department of Housing and Urban Development would invest $25 billion to fund loan modification program. Evidently, the amount is part of Obama administration's $50 billion financial bailout package to fund loan modification program.

In a loan modification program launched on Wednesday Fannie Mae and Freddie Mac will contribute more than $20 billion to the $75 billion in it. The thrust would be to subsidize interest rates so that troubled borrowers' monthly payments can be lowered to affordable levels.

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