WASHINGTON The nation's largest source of home mortgage money -Fannie Mae - has indefinitely postponed its controversial plan tooffer borrowers life and disability insurance coverage.
Dubbed the "Mortgage Protection Plan," Fannie Mae's programwould have provided thousands of new home buyers with insurancepolicies designed to pay off their mortgage balance in the event ofthe borrower's death, or to contribute to the borrower's monthly loanpayments in the event of extended unemployment or disability.
Fannie Mae would pay for, and be the beneficiary of, allpolicies written under the program.
Critics on Capitol Hill and in the insurance industry chargedthat …
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