To start the program, Treasury will ask banks, like Citigroup or JPMorgan Chase, to identify pools of residential and commercial real estate loans that they will be willing to sell through an auction. Private investors will bid against each other, setting a market price. No bank will be required to participate. Editor’s Note: it’s starting. […]

Tags: Citigroup, EDMUND L. ANDREWS, ERIC DASH, F.D.I.C., GRAHAM BOWLEY, JPMorgan Chase, mortgage modification, New York Times, principal reduction, related assets, Toxic Asset Plan, Treasury Department, troubled mortgages
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