Feds may guarantee 3 million loan mods

The Bush administration is said to be considering a $500 billion government loan guarantee program that could provide incentives to modify up to 3 million troubled mortgages, at a potential taxpayer cost of $50 billion.

The Treasury Department and the Federal Deposit Insurance Corp. are reportedly negotiating the scope of such a plan, which could be carried out under the $700 billion troubled asset repurchase program (TARP).

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