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

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The Federal Deposit Insurance Corp. (FDIC) says 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.

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Indymac under the FDIC supervision of Sheila Bair has been very co-operative with loan modifications. Citi’s Office Of Homeownership preservation is laso extremely co-operative in helping homeowners stay in their homes. Without knowing your particulars it is hard to know whether or not you would qualify for modification.

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FDIC's Bair Pushes Loan Modification Program. short of what is needed to achieve widescale modifications of distressed mortgages," Bair said last week.. The IndyMac modification plan was unveiled by the agency in August, targeting. Bair: 3,500 Mortgages Modified at IndyMac Under FDIC Program.

Under the IndyMac Federal program, eligible mortgages would be modified into sustainable mortgages permanently capped at the current Freddie Mac survey rate for conforming mortgages. Modifications would be designed to achieve sustainable payments at a 38 percent DTI ratio of principal, interest, taxes and insurance.

FDIC Loan Modification Program Page 2 A message from FDIC Chairman Sheila Bair I have long supported a systematic and streamlined approach to loan modifications that puts borrowers into affordable, long-term mortgages while achieving an improved return for bankers and investors compared to foreclosure. Using this

Under the FDIC’s orders, about 4,000 IndyMac borrowers have been given more affordable mortgages so far. "This is not a social program," said Michae Krimminger, a senior adviser to FDIC Chairman.

OneWest claimed that it has modified 3,605 home loans under the Obama program and 14,750 loans under the FDIC program and other schemes from March to July. From September last year to February this year when IndyMac was still under FDIC supervision, a total of 16,158 home loans were modified.