The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: John Vosilla who wrote (124714)	5/22/2008 11:56:10 AM
From: Jim McMannis	Read Replies (3) of 306849

FDIC’s Bair: Foreclosure Aid Is ‘Train Wreck’ Efforts to stem the record tide of U.S. foreclosures are a “train wreck,” hampered by a lack of resources and the continued deterioration of the real-estate market, a federal banking regulator said. blogs.wsj.com “There are more loan lines and I think servicers are doing more but it’s just not keeping pace,” Federal Deposit Insurance Corp. Chairman Sheila Bair told reporters following a speech on Amelia Island. Bair, who has been a leading voice at the federal level in addressing the housing crisis, said a recent report that suggested two-thirds of seriously delinquent borrowers aren’t in a workout plan was “pretty depressing.” The problem, she said, was that mortgage servicers don’t have the resources to do the widespread loan modifications that are necessary. And they aren’t alone. “They’re overwhelmed, and the counselors are overwhelmed .. it’s a train wreck,” Bair said. –Michael R. Crittenden

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