Sheila Bair Book Says Obama Foreclosure Prevention Program 'Cheated Borrowers'

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Sheila Bair Book Says Obama Foreclosure Prevention Program ‘Cheated Borrowers’

Sheila Bair Book Says Obama Foreclosure Prevention Program ‘Cheated Borrowers’

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Former bank regulator Sheila Bair cringed when President Barack Obama promised at an Arizona high school gymnasium in 2009 that his administration could save millions of homes from foreclosure.

“If lenders and home buyers work together, and the lender agrees to offer rates that the borrower can afford, then we’ll make up part of the gap between what the old payments were and what the new payments will be,” Obama said, explaining the program with Bair at his side. “And this will enable as many as 3 to 4 million homeowners to modify the terms of their mortgages to avoid foreclosure.”

In her new book, “Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself,” Bair recounts how her own housing proposals were passed over in favor of a much weaker program, which she knew would never save 4 million homes. Bair served as chairwoman of the Federal Deposit Insurance Corporation until July 2011.

[HUFFINGTON POST]

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2 Responses to “Sheila Bair Book Says Obama Foreclosure Prevention Program ‘Cheated Borrowers’”

  1. Ken Hansen says:

    4 million only? Wow, this book is out of date already. Sheila remains a party loyalist, a careerist even in lucrative retirement, unfortunately, everyone including the FDIC and any heroic individual who writes a book stating “we shoulda, coulda, woulda” is simply denying that the Banks were given a free pass, to do as they pleased and to completely get away with it. The Banks designed their own fake “relief” programs aimed at further harming the people they originally victimized. While the Press, the Movers and Shakers all have Sheila scheduled for the cocktail circuit, the debtor class in neighborhoods outside of her own are still suffering from captured, worthlessly ineffective careerists who govern with the same craven “civility” of the Roman Senate during that legendary period of collapse.

  2. Charles Reed says:

    Here is what I bet that the biggest percentage of these borrowers not given a modification are from Washington Mutual Bank, Countrywide & IndyMac government insured loans (FHA & VA) which in many ways FDIC was responsible for quite a few things itself.

    At a point while handling the sale of the assets of Ginnie Mae was there a point when Ms Blair though about the loans in the Ginnie Mae pools put there by all three companies and why they were not included in in the sales?

    Ms Blair is writing a book about why HAMP was not going to works as she cringed standing by Obama side because Geithner & Summers did not care about the homeowners but what did she do when complaints came into the FDIC about a FHA or VA loan not being modified?

    She is smoking dope because she had to encounter the problem of FHA & VA loans IndyMac was servicing and she and her team were working for 6 months of so trying to modify the IndyMac customers before she sold the batch of loans. How because you had to hold on to assets did you not see what was going on with the government portfilio of loans.

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