Posts tagged as:

FDIC loan modification

Report says FDIC failed to monitor commercial loans

by Moe Bedard

The Federal Deposit Insurance Corp. failed to enforce its own guidelines to rein in excessive commercial real estate lending by at least 20 banks that later collapsed, reports by the agency’s watchdog show.

The FDIC’s Office of Inspector General analyzed 23 lenders taken over by regulators from August 2008 to March and found that for 20, [...]

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F.D.I.C. May Borrow Funds From Banks

by Moe Bedard

WASHINGTON — Tired of the government bailing out banks? Get ready for this: officials may soon ask banks to bail out the government.
Senior regulators say they are seriously considering a plan to have the nation’s healthy banks lend billions of dollars to rescue the insurance fund that protects bank depositors. That would enable the fund, [...]

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FDIC Packages Loans From Failed Banks

by Moe Bedard

The long-awaited program was announced earlier this year as a way to help banks that remained in business get rid of their soured loans, but a lack of interest from banks led the FDIC to focus on its own holdings instead.

The agency said Wednesday that it would form a partnership with a Texas company, Residential [...]

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FDIC Encourages Loss-Share Partners to Provide Forbearance to Unemployed Borrowers

by Moe Bedard

As part of its loss-share agreement with acquirers of failed FDIC-insured institutions, the FDIC is encouraging its loss-share partner institutions to consider temporarily reducing mortgage payments for borrowers who are unemployed or underemployed. This program will provide additional foreclosure prevention alternatives to these borrowers through forbearance agreements that will give them an opportunity to regain [...]

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FDIC chief: Banks need to be willing to modify loans

by Moe Bedard

“Banks don’t want to acknowledge losses,” she said. “They need staff. And there’s fear of redefault risk,” since about 40 percent of loans that are modified end up back in default, she said.
Perhaps the biggest obstacle to resolving delinquent mortgages has been persuading investors who purchased the loans to go along, since many of them [...]

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When the FDIC is away, the new Indymac owners will play

by Moe Bedard

I wrote about this last month and it seems to be picking up steam in the media. Which is great for Indymac borrowers because a loan modification spot light needs to be shined on these new creeps who bought Indymac on the cheap from the FDIC after the bank failed in early 2008.
Here’s an excerpt [...]

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Now that the FDIC is gone, are the new owners of Indymac abusing homeowners?

by Moe Bedard

When the government leaves and Wall Street takes over, we have Main Street problems. Haven’t we already made this fantastic business discovery America?
The failed Indymac and subsequent takeover by the FDIC has garnished a lot of press, fan fare and accolades for the great Sheila Bair and her agency. They came in, shaped up the [...]

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FDIC’s Bair says loan modifications working

by Moe Bedard

CHICAGO, May 7 (Reuters) – Efforts at mortgage loan modification are having positive results, but their ultimate success will depend on the trajectory of the economy, Sheila Bair, chairman of the Federal Deposit Corp., said on Thursday.
“My sense is that it’s having an impact,” Bair said in answering questions after a speech to the Chicago [...]

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FDIC to Pursue Billions in Mortgage Fraud

by Moe Bedard

Sheila Bair says the FDIC is gathering momentum to go after past mortgage fraud in the lending industry and is pursuing more than 100 home mortgage fraud cases, and is investigating another 4,000 more.
Watch out mortgage brokers from the past. Karma in the name of an F a D an I and a C looks like it may be [...]

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Sheila Bair of the FDIC Speaks on the Obama Housing Plan

by Moe Bedard

I really feel that Shelia Bair is the perfect person to aid the Obama administration in leading our nation out of the mortgage and housing crisis. Her knowledge, voice and face portray calmness and trust to Main Street. Something that Obama can’t buy, but he definitely can recruit Bair to his cabinet for the real [...]

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Congress takes up foreclosure relief plans

by Moe Bedard

Now, as Congress prepares to authorize the second $350 billion in spending for the program, Democratic leaders are pressing for changes that would expand beyond the banking industry, which has been the primary beneficiary of the program.

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Sheila Bair Likely to Remain at the FDIC

by Moe Bedard

Sheila Bair should have nothing but the absolute respect from the consumers on Main Street for whom she protects. However, ask the banks for which she regulates and the colleagues that she often disagrees with and you may get another answer.

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Systematic Foreclosure Prevention and Mortgage Modification Act

by Moe Bedard

Rep. Maxine Waters, chairwoman of the Subcommittee on Housing and Community Opportunity and most senior member of the Financial Services Committee from the state of California, has introduced the Systematic Foreclosure Prevention and Mortgage Modification Act of 2008 (H.R. 7326).
The legislation is designed to dramatically reduce the number of foreclosures by establishing a systematic approach [...]

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Waters Backs Bair and Turns Up the Loan Modification Heat in Washington

by Moe Bedard

“And so here we are and we don’t have any systematic way to help homeowners to modify these loans,” Rep. Maxine Waters (D-Calif.) said. “I’m not even going to cooperate with you anymore,” Waters said, turning to Chairman Barney Frank (D-Mass.) whose tireless efforts she praised.
“I just want you to know as much as [...]

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Millions of Predatory Loan Modifications: Homeowners Left to Suffer in Their Toxic Assets

by Moe Bedard

Predatory lending begets predatory servicing, begets predatory loan modifications, begets predatory foreclosures. You simply cannot have one without the other.
You cannot have millions of predatory loans without having millions of predatory foreclosures because they are all inherently bound together in a tangled web of unfair, deceptive and fraudulent business acts and that is exactly [...]

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FDIC Loan Modification Program | Loan Mod in a Box

by Moe Bedard

After months of sitting on the sidelines, hoping that private lenders would take advantage of government programs such as HOPE for Home Owners and the FHA Secure, the Federal Deposit Insurance Corporation (FDIC) and Sheila Bair are leading the home saving charge in Washington.
This week the FDIC has put forth a model loan modification plan [...]

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Polishing Mortgage Turds: The FDIC Loan Modification Plan Will Not Work Without Massive Principle Reductions

by Moe Bedard

Polishing a turd definition: The act of trying to make something hopelessly weak and unattractive appear strong and appealing. An impossible process that usually results in a larger, uglier turd.
Example: She tried to look more attractive by getting plastic surgery, but let’s face it, you can’t polish a turd.
“Bottom line America, thousands of homeowners are [...]

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FDIC Loss Sharing Proposal to Promote Affordable Loan Modifications

by Moe Bedard

Although foreclosures are costly to lenders, borrowers and communities, the pace of loan modifications continues to be extremely slow (around 4 percent of seriously delinquent loans each month). It is imperative to provide incentives to achieve a sufficient scale in loan modifications to stem the reductions in housing prices and rising foreclosures.
Modifications should be provided [...]

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Mortgage Disservice: Do Mortgage Servicers Have the Authority to Modify Investor Owned Mortgages?

by Moe Bedard

Attorney General Alert: We at LoanWorkout.org “believe” that your recent unfair and deceptive predatory lending settlements can be parlayed and effectively used against the incredibly unfair and deceitfully deceptive mortgage servicing industry.
A mortgage servicer’s fiduciary duty is “only” to the investor for which they are servicing the pool of mortgages for and not the homeowner. [...]

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Bush Administration Balking at Helping Main Street Homeowners

by Moe Bedard

The Bush Administration is balking at helping Main Street homeowners after several bail outs on Wall Street in a New York second. Apparently the administration’s dilemma is concerns over a loan modification program that may help as many as 3 million homeowners through $500 billion of home mortgage guarantees.
The players in the negotiations include [...]

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FDIC and US Treasury Prepare $500 Billion Loan Modification Plan

by Moe Bedard

The FDIC and the US treasury are contemplating using around $50 billion from the recently passed bailout of the financial industry bailout to guarantee about $500 billion in mortgages. The “tentative” plan could include loan modifications that would lower interest rates for a five-year period according to Bloomberg.
The program would be run by Sheila Bair [...]

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The Woman Who May Lead the US Out of the Mortgage and Housing Crisis

by Moe Bedard

As the head of the Federal Deposit Insurance Corporation, or the FDIC, Sheila Bair plays a powerful role in Washington. Appointed in 2006 by President Bush, Bair is an attorney who is at the epicenter of the US banking crisis.
 
Bair grew up in Kansas where she received her undergraduate degree as well as her [...]

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FDIC Chairwoman Says Loan Modification Plan Being Developed

by Moe Bedard

Sheila Bair, Chairwoman of the Federal Deposit Corporation (FDIC) is leading the loan modification charge in Washington and is gaining increasing support from Congress in her efforts.
Bair said in prepared remarks delivered before the Senate Banking Committee that the FDIC is working with the Bush administration to create a loan guarantee program that would serve as [...]

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FDIC to Sign Major Lease in Orange County

by Moe Bedard

The Federal Deposit Corporation (FDIC) has a job to do and this job may be the biggest clean up effort by any government or non-government agency ever in the history of our country and quite possibly the world.
Their job is to clean up the toxic mortgages and assets left by failed banking institutions ceased by the the [...]

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Improving Terms on your Debt: Recent Loan Modification Programs

by Moe Bedard

If you’re having difficulty paying your existing home loan in the context of changes in your income or in the market generally, there are a number of options to consider. You should never assume that your only route out is to lose your home – there are a number of possible solutions to help you [...]

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Bair, “Permanently modify it, get people in a mortgage they can afford.”

by Moe Bedard

FoxBusiness – Let me begin with the FDIC Chair Sheila Bair who is featured on the cover of today’s Wall Street Journal criticizing the federal government’s plan for failing to address homeowners at risk of foreclosure. Her comments could not be better timed. Thankfully someone within the economic team is saying what certain members of [...]

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FDIC’s Sheila Bair Criticizes the Federal Government for Failing to Protect Homeowners

by Moe Bedard

As I have reported here on LoanWorkout.org many times before, the FDIC’s Chairwoman, Sheila Bair, seems to be the only ”caring soul” in Washington that seems to have a true “grasp” of the mortgage and housing realities (nightmares) here on Main Street. 
Over the past year I have reported and complained that these bailouts, bills and so called initiatives have [...]

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FDIC Gives Indymac Pay Option ARM Borrowers Till Next Friday to Seek Mortgage Relief

by Moe Bedard

Paul Kielsel, an attorney and fellow blogger in Los Angeles, Ca. is reporting that the the FDIC is giving Indymac borrowers who have negative ammortization mortgages AKA Pay Option ARM’s till Friday October 24th to seek a loan modification or to take legal action against Indymac.

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Statement of Sheila C. Bair Chairman FDIC on A Review of Foreclosure Mitigation Efforts

by Moe Bedard

Applying workout procedures for troubled loans in a failed bank scenario is something the FDIC has been doing since the 1980s. Our experience has been that turning troubled loans into performing loans enhances overall value. In recent years, we have seen troubled loan portfolios yield about 32 percent of book value compared to our sales [...]

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Is Your Bank About to Implode? The FDIC is Hinting, YES!

by Moe Bedard

The lender carnage, death and destruction litter the home page of Aaron Krowne’s Mortgage Lender Implode-O-Meter like the beach at Normandy on D-Day. The infamous list has grown from September 2006 when Aaron started the website with approximately 10 failed lenders to a whopping 276 major U.S. failed lending operations today.
That comes out to about one failed [...]

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Should the FDIC & Sheila Bair be in Charge of Cleaning Up the Toxic Mortgage Crisis?

by Moe Bedard

This blog and my life has been dedicated to following what lenders, servicers and our government have done and are doing to assist the millions of Americans that are facing foreclosure as a result of being sold defective credit instruments. AKA subprime and ALT A mortgages.
In my hundreds of hours of research and work, only one agency [...]

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