FDIC MORTGAGE LOAN MODIFICATION PROGRAM Clause Samples

FDIC MORTGAGE LOAN MODIFICATION PROGRAM. Objective The objective of this FDIC Mortgage Loan Modification Program (“Program”) is to modify the terms of certain residential mortgage loans so as to improve affordability, increase the probability of performance, allow borrowers to remain in their homes and increase the value of the loans to the FDIC and assignees. The Program provides for the modification of Qualifying Loans (as defined below) by reducing the borrower’s monthly housing debt to income ratio (“DTI Ratio”) to no more than 31% at the time of the modification and eliminating adjustable interest rate and negative amortization features.

FDIC MORTGAGE LOAN MODIFICATION PROGRAM. Objective Qualifying Mortgage Loans Modification Process