2/12/2009

At the congressional hearing on Wednesday, heads of the largest U.S. banks agreed to suspend foreclosures for at least a few weeks while the government launches its program to help struggling homeowners. In many cases, they are already doing that, the bankers said. "We are (modifying mortgages) and reducing principal because that is the best way of recovering value," said Goldman Sachs Group chief executive Lloyd Blankfein. "People tend to stay in houses and support their payments when they have equity."

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