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Lenders back Paulson plan on mortgages

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Bloomberg News / December 4, 2007

WASHINGTON - Countrywide Financial Corp. and Washington Mutual chiefs endorsed Treasury Secretary Henry Paulson's effort to negotiate a loan-modification plan to help keep subprime borrowers from losing their homes to foreclosure.

Angelo Mozilo, Countrywide's chief executive, told a Washington housing conference yesterday his company would play "a major role" in the Bush administration initiative to temporarily freeze interest rates on adjustable loans. Washington Mutual CEO Kerry Killinger, addressing the same forum, also backed the effort that may be made public this week.

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