FDIC Chief Urges Foreclosure Relief |
| TheStreet.com - Oct 25, 2010 |
As federal regulators continue to examine big banks' flawed foreclosure procedures, Federal Deposit Insurance Corp. Chairman Sheila Bair urged lenders to provide "safe harbor relief" for vacant properties and severely distressed homeowners.
"I would suggest that all interested parties consider some type of 'triage' on foreclosures, perhaps providing safe-harbor relief if the property is vacant or if the servicer offered a meaningful payment reduction - say a minimum of 25 percent - and the borrower could still not perform on the loan," Bair said in a keynote speech Monday afternoon at a symposium on "Mortgages and the Future of Housing Finance."
Bair - who has argued against any kind of blanket moratorium - cautioned that the potential litigation from private investors and state attorneys general could end up "very damaging to our housing markets if it ends up unduly prolonging those foreclosures that are necessary and justified."
Read Full Article from TheStreet.com
- Posted: 2010-10-25 23:00:57
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
