Foreclosures Way Up

NPR reports:

FDIC Chairman Sheila Bair on Thursday suggested that the government guarantee mortgages as a means of avoiding foreclosures, a move that could help banks and homeowners.

Bair told the Senate Banking Committee that the Federal Deposit Insurance Corp. is working with the Treasury to establish standards for modifying loans and providing guarantees for loans that meet the standards.

“By doing so, affordable loans could be converted into loans that are sustainable over the long term,” she told lawmakers.

Meanwhile, former Federal Reserve Chairman Alan Greenspan, who testified before a House panel, predicted the financial crisis would get worse before it gets better. Greenspan described the crisis as a “once-in-a-century credit tsunami.”

Foreclosures Up Sharply

Earlier in the day, a new report showed that homeowners are, indeed, in need of help. U.S. foreclosure filings soared 71 percent in the third quarter compared with the same period in 2007, data released by RealtyTrac Inc. showed.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
This entry was posted in fdic, Foreclosure and tagged , , , , , . Bookmark the permalink.