Posts tagged as:

sheila bair

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

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

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

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

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

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

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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Sheila Bair Likely to Remain at the FDIC

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

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

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

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

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

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

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

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

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

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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FDIC finalizing direct homeowner loans plan

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

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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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

“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

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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