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Bair: 3,500 Mortgages Modified at IndyMac Under FDIC Program

The FDIC knows as much about home foreclosures. mortgages, about half of the non-GSE loans expected to become a problem in 2009. Under the plan, the government would share up to 50-percent of the.

Thousands of homeowners with distressed mortgage loans linked to failed lender IndyMac may soon be able to avoid foreclosure under a program announced on Wednesday by U.S. banking regulators.

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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.

The FDIC, which took the thrift’s reins after the july 11 failure of $32 billion-asset IndyMac Bancorp, is proposing to lower interest rates for borrowers who live in their home and are "seriously delinquent or in default" on their first mortgage. Under the program, modified loans will be capped at the Freddie Mac prime survey rate of 6.5%, and.

Under the program, modifications are only being offered where doing so will result in an improved value for IndyMac Federal or for investors in securitized or whole loans, and where consistent.

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Under the plan, mortgage servicers will first apply. the interest rate to as low as 2 percent. Based on the program set up by FDIC Chairwoman Sheila Bair to modify loans held by the failed IndyMac.

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In testimony Thursday on Capitol Hill, Federal Deposit Insurance Corp. chairman Sheila Bair provided the first public update on the FDIC’s loan modification program put into place at IndyMac.

Sheila Bair on the Consequences of ZIRP, Bank Bailouts, and a Post-Geithner Treasury! Loan Modification Program for Distressed Indymac Mortgage Loans IndyMac Federal Bank, FSB ("Indymac Federal") 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.

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.

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