Posts tagged as:

FDIC

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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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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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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Remarks by FDIC Chairman Sheila C. Bair on the IndyMac Loan Modification Announcement

by Moe Bedard

Good afternoon, thank you for taking the time to participate in this conference call. I would recognize John Bovenzi with IndyMac Federal, who is also on the line, and thank him for his contributions to today’s important announcement. John will provide brief remarks following mine.
I am pleased today to announce the implementation of a systematic [...]

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Loan Modification Program for Distressed Indymac Mortgage Loans

by Moe Bedard

From the FDIC: IndyMac Federal Bank, FSB (“Indymac Federal”) will implement a new program to systematically modify troubled mortgages.
The program is designed to achieve affordable and sustainable mortgage payments for borrowers and increase the value of distressed mortgages by rehabilitating them into performing loans. This in turn will maximize value for the FDIC, as well [...]

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Bank Failures Have Customers Wondering About FDIC Protection

by Moe Bedard

Aug. 8 (Bloomberg) — As U.S. regulators brace for more bank failures, consumers are wondering for the first time since the savings-and-loan crisis of the 1980s about the safety of their money.
Harry Newton, a former publisher who lives in New York City, moved $604,000 in cash to seven different banks last month after the seizure [...]

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FDIC Chairman Sheila Bair’s Statement on the Federal Reserve Board’s Final Rule for Home Mortgage Loans

by Moe Bedard

FOR IMMEDIATE RELEASE
July 14, 2008

Media Contact:
Andrew Gray (202) 898-7192
angray@fdic.gov

Federal Deposit Insurance Corporation Chairman Sheila C. Bair today issued the following statement on the Federal Reserve Board’s approval of a final rule for home mortgage loans.
“I applaud the Federal Reserve Board’s decision today to issue final, strengthened rules under HOEPA that will correct many [...]

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FDIC Chairman Sheila C. Bair Issues Statement on IndyMac Federal Bank, FSB, Conservatorship

by Moe Bedard

FOR IMMEDIATE RELEASE
July 13, 2008

Media Contact:
In Washington: Andrew Gray (202) 898-7192,
Cell: 202-494-1049
angray@fdic.gov

 
FDIC Chairman Sheila C. Bair, today issued the following statement about IndyMac Federal Bank, FSB, the conservatorship created by the FDIC to continue to provide banking services in communities served by the former IndyMac Bank, F.S.B.

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IndyMac to reopen ’strong and safe,’ new boss says

by Moe Bedard

PASADENA, California (CNN) — California bank IndyMac will reopen as a “strong and safe institution” under federal management and a new name Monday, days after regulators closed it, the firm’s new CEO said Sunday.
“Come Monday morning, it will be business as usual for all insured customers,” said John Bovenzi, who was placed in charge of [...]

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Pritzker, Predatory Subprime Pioneer, Still On Obama Team

by Moe Bedard

& Aaron Krowne
Barack Obama:
“Part of the reason we got a current mortgage crisis has to do with the fact that people got suckered in to loans that they could not pay,” he told a crowd in Reading, Pa., last week. “There were a lot of predatory loans that were given out, a lot of teaser [...]

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The issuing power of money should be taken from the bankers and restored to Congress and the people to whom it belongs

by Moe Bedard

Thomas Jefferson was the third President of the United States (1801–1809), the principal author of the Declaration of Independence :
BANK (NATIONAL) (THREAT TO LIBERTY)
If the American People ever allow the banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will [...]

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Penny Pritzker Stole My Money

by Moe Bedard

By Fran Sweet
To Elizabeth from April 4:
I’m the Fran Sweet mentioned in the article. Elizabeth apparently you are a very gullible Obamaite. You believe Penny Pritzker? Wow what world do you live in!?
Please see the Chicago Sun Times article dated Aperil 28, 2008, titled: Obama’s Subprime Pal which provides proof (a letter signed by Penny) [...]

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FDIC finalizing direct homeowner loans plan

by Moe Bedard

The plan, which needs Congress approval, would permit new government loans so borrowers can repay up to 20 percent of the principal they owe on their mortgage, the report said, citing a confidential draft of the proposal.
Though borrowers would not have to make any payments on the Treasury loan for the first five years, they [...]

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FDIC Chief Calls for a Housing Rescue

by Moe Bedard

 Sheila Bair says government intervention is needed—soon
As chairman of the Federal Deposit Insurance Corp.—the agency charged with protecting accounts at the nation’s 8,500 banks—Sheila Bair is knee deep in the government’s efforts to resolve America’s most harrowing financial crisis in a generation. She recently sat down with U.S. News to discuss the cancerous effect of [...]

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Barack Obama was in Chicago at the time of the Superior Bank failure & has full knowledge of what went on and the cause of the collapse.

by Moe Bedard

I wrote a blog post about Penny Pritzker, 2008 campaign finance chairman for Barack Obama 2 weeks ago titled, “Is Obama for the People or the Banks?” and in that post I quoted Earl Ofari Hutchinson from the Huffington Post.
I had to do more research into this and expose the truth behind the Pritzker [...]

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Remarks by FDIC Chairman Sheila C. Bair to the Joint Venture Silicon Valley Network State of the Valley Conference, San Jose, Calif.

by Moe Bedard

Press Release from the FDIC
It is truly a sign of unusual economic times when a group of high tech leaders asks a bank regulator of all people to speak to them.
But bank regulation – or perhaps I should say weaknesses and holes in our bank regulatory structure — lie at the heart of our current [...]

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FDIC: Subprime Modifications ‘Lagging’

by Moe Bedard

WASHINGTON — The pace of loan modifications on adjustable subprime mortgages is lagging, which could prompt regulatory action on the mortgage industry, U.S. Federal Deposit Insurance Corp. Chairman Sheila Bair warned Thursday.
“Unfortunately, at this point, the available information seems to show that foreclosures continue at an unacceptably high level while true loan modifications are lagging,” [...]

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The federal government will “step up the pressure” on the lending industry to work out America’s mortgage mess so fewer people lose their homes – FDIC’s Sheila Bair

by Moe Bedard

“This is deadly serious,” Sheila Bair said  in a speech Downtown. “Foreclosures are too high in Pittsburgh and around the country.”
The FDIC chairman seems to speaking out more and more in regards to the efforts of lenders and servicers to perform loan workouts and loan modifications. Bair spoke at a downtown Pittsburg, Pa. to more [...]

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Statement of Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation on Accelerating Loan Modifications

by Moe Bedard

Improving Foreclosure Prevention and Enhancing Enforcement before the Financial Services Committee; U.S. House Of Representatives; 2128 Rayburn House Office Building
December 6, 2007
Conclusion of Statement
Poor underwriting and abuses in the subprime mortgage market are having a significant negative impact on the housing markets and the U.S. economy. In the coming months, large numbers of subprime adjustable [...]

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