Tuesday, July 15, 2008

FDIC Halts Foreclosures at IndyMac

WASHINGTON (Reuters) - The Federal Deposit Insurance Corp has temporarily halted any foreclosures on the $15 billion of bank-owned mortgage loans found in IndyMac's portfolio, FDIC Chairman Sheila Bair said on Monday.

Bair has scolded mortgage lenders for being too slow to help distressed borrowers restructure their home loans.

If Ms. Bair thinks this is how banks should be run, might I suggest she buy one and operate it as she sees fit.

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