Some more good news (hopefully!); please read below:
NEW YORK (CNNMoney.com) -- One of the country's top banking regulators said Thursday that the government is working on a plan to do more to help troubled homeowners.
Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., told the Senate Banking Committee that her agency and the Treasury Department are working closely to find ways to prevent avoidable foreclosures. The plan would use the Treasury Secretary's new authority under the Emergency Economic Stabilization Act to provide guarantees to mortgage lenders.
Bair, who worked with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke in crafting the financial rescue law, has been a longtime advocate of streamlining the modification process for homeowners who realistically have a chance of affording their mortgages once modified.
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 directly or serviced. About two-thirds of the 60,000 loans under IndyMac's umbrella are considered potentially eligible for the new program, she said.
"Through this week, IndyMac Federal has mailed more than 15,000 modification proposals to borrowers and has called many thousands more in continuing efforts to help avoid unnecessary foreclosures," Bair said. So far, more than 3,500 have accepted the offers and others are being "processed."
Indymac loans are now being modified and the average borrower is saving over $300. So, if you have an Indymac loan and have not received a letter, contact them TODAY!!!!
Sheila Blair is using the Indymac example and urging the banking regulators to enact a plan that ALL lenders will use.
Thank you, Sheila!
Ann M. Sabbagh
Vice-President
Seacoast Mortgage Corporation
"Where financing is smooth sailing!"
(508) 243-1190
(401 475-1441 (fax)
email: asabbagh@seacoastmortgage.com
website:www.annsabbagh.com
"When you choose me as your mortgage consultant, you also choose a financial planner who cares about your financial strength!"
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