Bair: 3,500 Mortgages Modified at IndyMac Under FDIC Program

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Sheila Bair on the Consequences of ZIRP, Bank Bailouts, and a Post-Geithner Treasury! The federal government’s Hope for Homeowners program. Bair plan, which would use $50 billion from the $700-billion financial bailout legislation to provide government backing for modified mortgages.

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The refinance share of mortgage activity increased to 47.4% of total applications, rising from 40.4% the previous week.US regulator to help indymac mortgage borrowers – Reuters – Thousands of homeowners with distressed mortgage loans linked to failed lender IndyMac may soon be able to avoid foreclosure under a program announced on Wednesday.

The plan, she explained, would be to modify mortgages. and more than 3,500 have been accepted so far. About two-thirds of IndyMac’s 60,000 loans are potentially eligible for the new program, said.

Under the. taking over IndyMac, the FDIC has modified 5,300 loans, with thousands more in the queue, and it has reached out to 23,000 borrowers. "I would encourage all industry participants to.

 · Bair: 3,500 Mortgages Modified at IndyMac Under FDIC Program The FDIC launched its aid program in August, five weeks after the government took over IndyMac, which failed under the weight of its bad real-estate lending. The agency found plenty of bad loans to.

OneWest claimed that it has modified 3,605 home loans under the Obama program and 14,750 loans under the FDIC program and other schemes from March to July. From September last year to February this year when IndyMac was still under FDIC supervision, a total of 16,158 home loans were modified.

FDIC Loan Modification Program Page 2 A message from FDIC Chairman Sheila Bair I have long supported a systematic and streamlined approach to loan modifications that puts borrowers into affordable, long-term mortgages while achieving an improved return for bankers and investors compared to foreclosure. Using this

Customers wait outside the Encino branch of IndyMac Bank in Los Angeles. borrowers remain in their homes,” FDIC Chairman Sheila Bair said in a statement .. She expects most of the modified IndyMac mortgages to exceed the. of the loan modification program, but said laws require the FDIC to take a.

 · The FDIC also has broad powers to change the terms of 225,000 loans that were pooled to back debt securities under the IndyMac name.. on a modified first mortgage.