New FDIC proposal unveiled for troubled loans

The FDIC today unveiled a plan (see the plan here) to help about 2.2 million troubled loans from entering foreclosure. Acknowledgeing the massive scale of the mortgage crisis, and the “extremely slow” pace of current soluntions, FDIC chair Sheila Bair is floating this massive plan as a solution, but it would appear the plan isn’t meeting with support from within the current Bush administration. However, the Democrats appear more willing to consider proposals such as this plan the FDIC is putting forth. Stay tuned…!

Filed under article topic: Mortgages/Interest rates
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