Word: fdic
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...federal government is most likely to create a safety net for the falling housing market with a plan that will allow people to stay in their homes by reducing their monthly payments. The FDIC and some members of Congress assume that residential real estate prices will decline slower this way and eventually begin to increase in value if houses are kept out of foreclosure. That may be true, but the plan could be quickly flanked by rising unemployment and the realization by people who can stay in their homes with federal help that they will never have the equity...
...changes that don't lower, or may even increase, a borrower's monthly payments. A lender that re-amortizes missed payments over the life of the loan might see doing so as a compromise--but that doesn't mean the mortgage becomes more affordable. That's why the FDIC insists that modifications reduce payments at least 10% and take up no more than 38% of a borrower's gross income...
...According to Reuters, there are over 8,300 FDIC-insured banks in America. Last August, dour economist Nouriel Roubini told Barron's that 1,400 banks in the U.S. would eventually fail. That was long before almost anyone had a sense of how tremendously damaging the recession would...
...will delay talking about its new overhaul for banks until Tuesday while it works with Congress to help finalize a new stimulus package which may have a $800 billion price tag. It also has to prepare plans for how it will work with the Fed and FDIC to pull the financial system back together...
...will delay talking about its new overhaul for banks until Tuesday while it works with Congress to help finalize a new stimulus package which may have a $800 billion price tag. It also has to prepare plans for how it will work with the Fed and FDIC to pull the financial system back together. (See who's who in Barack Obama's White House...