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After the FDIC became conservator of mortgage lender IndyMac this summer, Bair instituted a loan modification process for loans that were 60 days or more past due and which IndyMac either owned.
WFG National Title Insurance Company names new head of Dallas-Fort Worth division WFG National Title Insurance Company, a Portland-based title insurance and real estate settlement services provider, hired Julie Curlen to lead its New York agency team. From WFG’s new Manhattan.Fannie Mae sees 2012 home sales up 3.5% to 4.74 million BB&T is also expected to see continued pressure on its net interest margin, in line with other regional banks, and O’Connor expects "reported noninterest income to be down 4.5% un-annualized q/q with.
FDIC’s Bair Pushes Loan Modification Program.. more than 5,000 borrowers’ loans have been modified under the program.. Bair: 3,500 Mortgages Modified at IndyMac Under FDIC Program.
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the U.S. Congress to maintain stability and public confidence in the nation’s financial system by insuring deposits, examining and supervising financial institutions for safety and soundness and consumer protection, and managing receiverships.
Aug 21 – FDIC Chairman Sheila C. Bair has announced that IndyMac Federal Bank, FSB will implement a new program to systematically modify troubled mortgages. The program is designed to achieve affordable and sustainable mortgage payments for borrowers and increase the value of distressed mortgages by rehabilitating them into performing loans.
Unpaid mortgages left the lender short of cash, triggering a run on deposits that drained $1.3 billion in 11 days ending with the U.S. seizure on July 11. The bank was among 25 to collapse this year amid losses from mortgages. IndyMac’s failure will cost the FDIC’s deposit insurance fund about $8.9 billion, the agency has said.
FDIC implements loan modification program for distressed IndyMac mortgage loans MortgagePress.comFDIC, IndyMac Bank, loan modifications, loss mitigation, foreclosures, IndyMac Federal Bank FSB FDIC Chairman Sheila C. Bair has announced that IndyMac Federal Bank FSB will implement a new program to systematically modify troubled mortgages.