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News Now

Washington
Inside Washington (11/12/2008)
* WASHINGTON (11/13/08)--Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair expressed concerns regarding a loan modification plan unveiled Tuesday by industry representatives and federal regulators. Bair said the plan is not enough to achieve modifications of troubled mortgages and questions remain about the plan’s implementation. Specifically, uncertainties lie with “allowing extended amortization prior to interest-rate reductions, whether payment increases are capped for a loan’s life, the use of higher interest-rate caps, and reporting to determine compliance and results” (American Banker Nov. 12). The plan would help delinquent borrowers who are at least three months past due by providing them with modifications from Fannie Mae and Freddie Mac requirements. The modifications would drop borrowers’ mortgage-debt-to-income ratio to 38% on loans with a loan-to-value ratio of 90%. The plan was proposed by Fannie Mae and Freddie Mac, the Treasury, the Federal Housing Finance Agency and the Hope Now coalition ...


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