What She Said!
By Andy Miofsky, Illinois Consumer Law Attorney on Nov 11, 2008 in Foreclosure Rescue Scams
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.”
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