FDIC Chairman Shelia Bair Is Out Of Control

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FDIC Chairman Shelia Bair Is Out Of Control

In a sad twist of irony Shelia Bair is accusing blogs of being "out of control".

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"The FDIC also plans to begin airing public service announcements as part of a public education campaign on the nation's deposit insurance program."

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There will be no mention of points 24 and 25 of You Know The

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TARP is not enough!

[anonymous]

Apparently, it wasn’t enough to cover the mortgage crisis up with a TARP. No, Treasury Secretary Paulson’s Troubled Asset Relief Program wasn’t the kind of credit repair scores the endangered homeowners needed. Now that Federal Deposit Insurance Corp Chairman Sheila Bair has pushed a new mortgage modification program forward, 1.5 million homeowners will have someone new on their side when they’re facing foreclosure. This $24.4 billion program will be drawn from the $700 billion pool that TARP set up, and it’s a very straightforward system. Lenders will be given a stipend of $1,000 per loan they renegotiate with financially stuck homeowners, and in the event of default on a loan, the FDIC has promised to take on up to 50 percent of the loss. Paulson has condemned this as mere spending that will only bankrupt the FDIC, others view this action on Bair’s part as a needed investment to maintain liquidity in the mortgage industry. While this won’t solve all of the problems at once, it’s certainly a valiant effort to help repair credit, isn’