Posts tagged as:

fdic sheila bair loan modification

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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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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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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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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Frank and Waters Call For FDIC’s Bair to Lead Country’s Loan Workout Efforts

by Moe Bedard

Barney Frank and Maxine Waters are calling on the FDIC’s Sheila Bair to take the loan workout reins and lead the charge to put the brakes on our nation’s foreclosure epidemic. In a letter to President Bush today, they wrote that they were “very impressed” with Bair’s recent work at the failed Indymac with her loan modification program [...]

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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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