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Bank industry slams Citigroup mortgage deal

Tue, Jan 13, 2009

Citigroup Inc.

WASHINGTON - A top bank industry group Friday said it opposes an agreement between Citigroup Inc. and Democratic senators that would rewrite bankruptcy law to help troubled mortgage borrowers avoid foreclosure.

The American Bankers Association said the proposal to give bankruptcy judges broad authority to modify mortgage terms could make home loans more expensive.

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