Word: fdic
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...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...
...expansion of existing housing-assistance programs run by the Department of Housing and 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...
...bailout, another Administration official stressed. The plan is to assist only people with sustainable home loans, not borrowers who made bad decisions and are stuck with mortgages they clearly can't pay off. "We're not doing anything for people who are under water," said the official. The FDIC plan would attempt to filter out "the people we can't help. There are foreclosures that will go forward." The process of sorting good from bad loans would also provide clarity for mortgage markets by helping financial institutions assess where the risks are in their loan portfolios and by making...
...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 of its stability...
...would seem to be the natural foundation for a mortgage rescue plan. But part of the problem in addressing the housing crisis is figuring out which loans can still be serviced, since some banks required little or no documentation of a homeowner's ability to carry the loans. The FDIC's role as a bank overseer is viewed as giving it more insight into the quality of loans on banks' books...