6 companies to get $9.9B under mortgage program

April 15, 2009 1:53:45 PM PDT
The Obama administration has selected the first six companies to participate in a $50 billion program designed to help millions of struggling homeowners avoid foreclosure. The administration says the companies will receive a maximum of $9.9 billion. Other companies will be named in coming months.

Chase Home Finance LLC will receive up to $3.6 billion, the largest amount among the six companies.

The other recipients are: Wells Fargo Bank, GMAC Mortgage Inc., CitiMortgage Inc., Select Portfolio Servicing and Saxon Mortgage Services Inc.

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