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The Federal Deposit Insurance Corp. is encouraging its loss-sharing partners to temporarily reduce mortgage payments for at least six months when borrowers lose their jobs.
With more Americans suffering through unemployment or cuts in the paychecks, we believe it is crucial to offer a helping hand to avoid unnecessary and costly foreclosures, FDIC chairman Sheila Bair said.
Now FDIC wants homeowners who lose their job to get immediate relief. This is simply good business since foreclosure rarely benefits lenders and would cost the FDIC more money, not less, chairman Bair said. |
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