Neel Kashkari and Sheila Bair (FDIC Chairwoman) testify on Capitol Hill about preventable measures to stop foreclosures nationwide. They are advocating loan modifications for qualified homeowners. Since the FDIC takeover of Indymac Bank, the Home Retention Department is reaching out to homeowners for loan modifications. If you are not serviced by Indymac Bank, check with your servicer about loan modification options. Not all servicers are as open to modifications as Indymac, but Sequoia Consulting Group is here to offer homeowners advocacy to save homes. Don't slip through the cracks.
Please see below a portion of the article written in the New York Times. I have also provided a link to the full story.
Ms. Bair said that the government needed to do more to help thousands of people avoid foreclosure, and that the F.D.I.C. was working “closely and creatively” with the Treasury Department on details of a home-loan assistance plan, while Mr. Kashkari said he and his aides were “passionate about doing everything we can to avoid preventable foreclosures.” “Specifically,” Ms. Bair said, “the government could establish standards for loan modifications and provide guarantees for loans meeting those standards. By doing so, unaffordable loans could be converted into loans that are sustainable over the long term.” Ms. Bair said her agency and the Treasury were developing a proposal to use government loan guarantees and financial incentives to encourage mortgage lenders to modify home loans now in danger of foreclosure.
http://www.nytimes.com/2008/10/24/business/economy/24cong.html
http://www.housingwire.com/2008/10/23/bair-3500-mortgages-modified-at-indymac-under-fdic-program/
Friday, October 24, 2008
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