FDIC's Bair: Millions of Foreclosures Could Be 'Infected'

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FDIC’s Bair: Millions of Foreclosures Could Be ‘Infected’

FDIC’s Bair: Millions of Foreclosures Could Be ‘Infected’

This is HUGE!!

WSJ-

The head of the Federal Deposit Insurance Corp. is warning that flaws may have “infected millions of foreclosures” and questioned whether other regulators’ inquiries into problems at the nation’s mortgage-servicing companies have been thorough enough.

“We do not yet really know the full extent of the problem,” FDIC Chairman Sheila Bair said Thursday in written remarks submitted to a hearing of the Senate Banking Committee. “Flawed mortgage-banking processes have potentially infected millions of foreclosures, and the damages to be assessed against these operations could be significant and take years to materialize.”


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