Washington Post (08/21/08) P. D1; Merle, Renae
The Federal Deposit Insurance Corp. plans to rework at least 25,000 home loans held by IndyMac and complete the modifications by mid-October, which is when federal regulators plan to sell off the assets of the failed mortgage lender. Federal regulators will offer delinquent borrowers new mortgages with interest rates as low as 3 percent to help keep them in their homes. The FDIC also believes its effort can serve as a model for the mortgage industry on how to work with struggling borrowers. "I have long supported a systematic and streamlined approach to loan modifications to put borrowers into long-term, sustainable mortgages--achieving an improved return for bankers and investors compared to foreclosure," FDIC Chairman Sheila Bair says.
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