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Homeowners whose mortgages were securitized by their banks and sold off were blocked from modifying the loans to avoid delinquent payments. Investors in the mortgage securities market believed they had incentive to keep people from refinancing, but the result exacerbated delinquent payments. A $75 billion federal program to reduce foreclosures by allowing consumers to renegotiate loans with banks was often rejected by banks on the grounds of investor disapproval.