The Federal Deposit Insurance Corporation is set to unveil a new home foreclosure plan. Under the proposal, companies would receive financial assistance for agreeing to reduce monthly mortgage payments. FDIC officials say the proposal could help up to 1.5 million homeowners facing foreclosure. At a hearing on Capitol Hill, Christopher Dodd of the Senate Banking Committee urged major banks to focus on freeing up lending while curbing executive pay.

Sen. Christopher Dodd: “I think I speak for many members of this committee and the Senate in saying that we want to see more progress from your friends in the financial sector, more progress and foreclosure mitigation and affordable lending and in curbing excessive compensation. And if that progress is not forthcoming, then we are prepared to legislate, now, if possible, but next year, if necessary.”