Word: bair
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...Sheila Bair, head of the Federal Deposit Insurance Corporation (FDIC), is working hard to reassure everyone that her banks, all 8,305 of them, are safe. Repeating her familiar mantra Wednesday on the CBS Morning Show, Bair said of FDIC-protected accounts, "Nobody's ever lost a penny of insured deposits...
...agency plenty to do. The FDIC also plans to do more monitoring of lending practices. Last week the FDIC said it wants the 5,000 banks it regulates to provide more data on what they are doing with the billions of dollars the institutions recently received in federal aid. Bair is pushing the banks to use more of the money to make loans or help homeowners facing foreclosure...
What a difference a credit crunch can make. In the past year, the FDIC has become the most active dealmaker in the banking industry, taking over 25 banks in 2008, up from just three the year before, and auctioning them off to the highest bidder. Its chairwoman, Sheila Bair, who was early in warning about rising foreclosures, has become a key policymaker in helping resolve the nation's financial crisis. At her urging, Congress in October upped the limit on FDIC insurance, albeit temporarily, to $250,000 from $100,000. The agency is staffing up too, and plans to hire...
...think the FDIC and Sheila Bair for the most part have done a pretty good job," says Dean Baker, co-director of the Center for Economic and Policy Research. "They haven't had great results so far, particularly with loan modifications, but they have been focused on the right things...
...economists argue housing prices won't stop falling until foreclosure rates come down. On Thursday, Federal Reserve Chairman Ben Bernanke said that he thinks the government should do more to stop foreclosures. He named a number of possible programs, including a plan floated a few weeks ago by Sheila Bair, who heads the Federal Deposit Insurance Corporation, for the government to pay mortgage servicers $1,000 per modification and split the default risk in order to encourage them to lower the monthly loan payments of borrowers at risk of foreclosure...