Subprime lenders benefit

Subprime lenders who were blamed for the turmoil in the banking industry may receive billions in taxpayer dollars through a program aimed at stemming foreclosures, according to the Washington-based Center for Public Integrity. Under the $75 billion federal program, Making Home Affordable, lenders will receive money in exchange for lowering mortgage payments of distressed homeowners. Of the top 25 participants in the program, at least 21 were heavily involved in the subprime lending industry, the report states. The majority specialized in servicing subprime loans, meaning they collected payments but did not originate the loans. Several of the firms receiving money, however, serviced and originated the loans.

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