Ilya Marritz covers business for WNYC.
Banks Disagree Over Plan On Principal Reduction
Wednesday, April 14, 2010
New York, NY –
At least one big bank is expressing reservations about the Obama administration's plan to address rising foreclosures. Officials have been encouraging banks to go beyond what they've done so farand reduce the principal on home loans that are "underwater." David Lowman of JPMorgan Chase told lawmakers that principal reductions could cost the industry up to $900 billion. WNYC's Ilya Marritz has more.