FDIC Chair Calls for Commission to Settle Foreclosure Errors

Federal Deposit Insurance Corporation (FDIC) Chairman Sheila C. Bair called today for a " foreclosure claims commission " to address complaints from homeowners who have been harmed by flaws in the foreclosure process. This was one of several improvements suggested by Bair, an outspoken critic of the servicing industry, at a "summit" on Mortgage Servicing for the 21st Century sponsored by the Mortgage Bankers Association (MBA). Bair said that throughout the mortgage crisis "the most persistent adversary has been inertia in the servicing and foreclosure practices applied to problem loans," and that prompt action to modify unaffordable subprime loans in 2007 could have helped to limit the crisis in its early stages. Still, 18 months into an economic recovery and with hundreds of thousands of mortgage...(read more)

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Source: http://www.mortgagenewsdaily.com/01192011_mortgage_servicing.asp

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