"FDIC: Cut mortgage payments for the jobless" by Bloomberg News | September 12, 2009
WASHINGTON - The Federal Deposit Insurance Corp. urged banks that are sharing losses with the agency to temporarily reduce mortgage payments for unemployed borrowers as part of a broader effort to curb home foreclosures.
Well, WHERE YOU BEEN the LAST YEAR?
The banks, which bought failed lenders, should reduce the loan payment to “an affordable level’’ for at least six months for homeowners who are without a job or underemployed, the FDIC said yesterday in a statement released in Washington.
Only if they can make a buck.
“This is a win-win for the borrower, who can remain in his or her home while looking for a new job, and the acquiring institution, which continues to receive payments on the loan,’’ FDIC chairwoman Sheila Bair said in the statement.
Yeah, THAT is what they CARE ABOUT. Not YOU, homeowner!
But then why wouldn't they? They are WORKING for the BANKS, not you!
Otherwise, they would have PAID OFF YOUR MORTGAGE with the BAILOUT!
Bair has been prodding US banks to help struggling borrowers avoid foreclosure and the recommendation is aimed at lenders that acquired failed institutions with an agreement to share any future losses with the FDIC.
Translation: TAXPAYERS will AGAIN pick up the TAB!
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