fdic

Dodd: Auto Bill Could Include Foreclosure Help As Well

It’s no secret that some powerful Democrats are none too pleased that the Bush administration has refused to use the $700 billion Wall Street rescue to help struggling homeowners facing foreclosure. Yesterday, Senate Banking Committee Chairman Sen. Chris Dodd (D-Conn.) floated a possible remedy, suggesting that any Detroit bailout coming down the pipe might also [...]

Obama’s Own ‘Rendezvous With Destiny’

Franklin Roosevelt knew the Great Depression offered an opportunity to do more than rescue a sick economy. It was a unique chance to pursue a higher purpose for government — to make life less risky for future generations. If Roosevelt is the standard, Obama will be judged not just on how he deals with the economic crisis, but on how he uses it.

The Expectations Game and the Government’s Mortgage Plan

The plan for Fannie Mae and Freddie Mac to streamline mortgage modifications for troubled homeowners has already come in for some harsh criticism. Federal Deposit Insurance Corp. chairwoman Sheila Bair, in particular, has been outspoken in her opposition.
That’s important, because Bair is the leading proponent of massive restructurings of mortgages. She wants Treasury to move [...]

Another Bank Bites the Dust

Once again, the Federal Deposit Insurance Corp. shut down a bank late Friday afternoon, meaning that news was mostly missed until today. It’s Alpharatta, Ga.-based Alpha Bank and Trust, a small community banking outfit, Housing Wire reports. It’s the 16th bank failure so far this year.
The reality that banks are closing down — and [...]

Another Job for Washington

Congress and the president rushed to rescue the financial system with a $700-billion bailout. Now they need to turn their attention to the housing front, where foreclosures continue to mount. One proposed solution: modify the terms of existing mortgages.

The Big Guns Are Out

President George W. Bush, the Treasury Dept., the Federal Reserve and the Federal Deposit Insurance Corp. are all out in force today, as they should be. You own a piece of some of our biggest banks today.
Bush went first, explaining to the American people that Washington will invest $250 billion in the nation’s banks. The [...]

Loan Workouts and Government Bailouts

Now that the government has nationalized Fannie Mae and Freddie Mac, it should step in and modify the mortgage loans of troubled borrowers on a massive scale, consumer advocates say.
Housing Wire reports that advocates are pushing the two mortgage giants to follow the lead of the Federal Deposit Insurance Corp., which is attempting an en [...]

The Politics of Loan Workouts

The FDIC’s attempt at mass restructurings of mortgages comes with risks — and insiders are divided on the wisdom of the plan.