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December 21, 2007
Banks to Refinance Home Loans
Citizens Financial Group, Sovereign Bancorp, TD Banknorth, Webster Financial Corp. and Bank of America will participate in a Federal Reserve Bank of Boston plan to refinance subprime loans into mortgages with fixed interest rates. While Bank of America's financial commitment to the program has not yet been decided, each of the other four participating banks will earmark $25 million for the initiative.
Posted by S. Germain at December 21, 2007 08:06 AM