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

The program will apply only to first mortgages on a homeowner’s primary residence, and the borrowers will need to demonstrate their ability to pay off their loans under the modified terms..

Investors, who represent a big slice of delinquent homeowners, do not qualify for a mortgage lifeline at all. No one questions that the need is dire. Regulators from Federal Deposit Insurance Corp..

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 · Rather than lose all those mortgages, the FDIC launched an ambitious program to modify their terms. Bair says 40,000 of them will be eligible for.

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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 · 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.

IndyMac officials and the FDIC said the program differed from modification plans employed by many private loan servicers because regulators were more motivated to quickly modify loans and the.

Mortgage-modification plan offers help.. after the FDIC took over the failed Indymac Bank. Under FDIC chairman Sheila Bair’s direction, delinquent Indymac borrowers are getting longer terms.

The FDIC, which took the thrift’s reins after the July 11 failure of $32 billion-asset IndyMac Bancorp, is proposing to lower interest rates for borrowers who live in their home and are "seriously delinquent or in default" on their first mortgage. Under the program, modified loans will be capped at the Freddie Mac prime survey rate of 6.5%, and.

 · Rather than lose all those mortgages, the FDIC launched an ambitious program to modify their terms. Bair says 40,000 of them will be eligible for changes. To date, they’ve offered to.