The Federal Deposit Insurance Corp. persuaded the banks that are sharing losses with the agency to temporarily reduce mortgage payments for those borrowers who are unemployed, this has been done as a part of a broader effort to control home foreclosures.
The FDIC said yesterday in an statement that was released in Washington that the banks, by which failed lenders are bought, should for at least six months reduce the loan payment to “an affordable level’’ for homeowners who are without a job or underemployed.
