11 Nov What She Said!
FDIC Chair, Sheila Bair, says the newest government created mortgage rescue scam, er program, does not go far enough. CBS News and the Associate Press jointly quote Bair saying the program, “is a step in the right direction but falls short of what is needed.” The story titled, Foreclosure Rescue Plan Falls Short, outlines the program and the qualifications for assistance.
Bair, a Bush Administration appointee, vocally disagrees with the latest smoke and mirrors effort and calls for standards to modify mortgages into affordable loans.
“As we lend and invest hundreds of billions of dollars to help institutions suffering leveraged losses from defaulting mortgages, we must also devote some of that money to fixing the front-end problem: too many unaffordable home loans.”
Andy Miofsky, Esq.
Latest posts by Andy Miofsky, Esq. (see all)
- Social Security Income: Invisible Money Bankruptcy Cannot Touch. - December 19, 2016
- What can and cannot be included on a credit report? - December 21, 2015
- Use Exemptions to Protect Your Property in Bankruptcy - January 20, 2014
- A profile of the typical person who files bankruptcy - January 13, 2014
- Amended Bankruptcy Rule 1007 changes Form 23 debtor education filing requirement. - January 7, 2014