Word: bair
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Within the Administration, territorial divisions are emerging. The FDIC chief, Sheila Bair, has tried to get the Administration to use some of the Treasury's emergency-bailout money to get banks to adjust failing mortgages. The White House strongly opposes her plan, and there have been recriminations between several of the players. More broadly, Republicans who think their electoral drubbing necessitates a return to fiscal restraint are turning against those in both parties who want to continue the aggressive, costly measures that Paulson has embraced...
...statement, FDIC chairman Sheila Bair, who has seen her own suggestion of the U.S. government directly guaranteeing mortgages sidelined, called the new program "a step in the right direction" but also took it to task for not more directly addressing mortgages held in private securities. As Lockhart pointed out, mortgages owned or guaranteed by Fannie and Freddie represent less than 20% of serious delinquencies. Private label securities - those packages of mortgages that were sliced and sold to investors - represent some 60% of serious delinquencies. Lockhart made an appeal for servicers of such securities to "adopt this program as the industry...
...expect a do-over from the outgoing Administration, but not a paper-over that would rescue speculators. FDIC chief Sheila Bair has been pushing to use new loan-guarantee authority passed under the $700 billion banking bailout to adjust troubled homeowner mortgages. The plan would provide $50 billion from the government to be tapped as insurance for banks willing to adjust mortgages in a loss-sharing agreement. The FDIC would guarantee any losses on loans readjusted for homeowners who can show a 38% debt-to-income ratio, similar to what the FDIC worked...
...Urban Development, according to an Administration official. The official said there were advantages to using existing HUD programs rather than starting a new one from scratch, adding that it was unclear who would administer the FDIC's plan. "There's a lot of work to do to flesh out [Bair's] idea," the official said. Congress and both candidates for President have also discussed potential homeowner-bailout programs of their...
...originally hoped that a deal could be reached by Oct. 31, but now that appears in doubt, sources said. While they have publicly shown a united front, Bair has locked horns repeatedly with officials at Treasury and the Federal Reserve during the scramble to deal with the financial crisis over the past year. In previous talks to expand the responsibilities of the FDIC, critics accused Bair of being more concerned with protecting her agency than halting panic in the system. Bair responded by saying FDIC insurance for everyday Americans was too important to put at risk without sufficient guarantees...