Sheila Bair Makes the Case for Loan Modification

FDIC Chairman Sheila is no free-market advocate when it comes to consumer issues, so it comes as no surprise that she makes the case for loan modification for borrowers who are at risk of default as a result of rate resets and other problems related to the current mortgage industry crisis.

Here's a link to her article, which appears in the FDIC's Quarterly Banking Profile for the third quarter 2007, posted to the FDIC website on Jan. 9, 2008:

Link:  http://www.fdic.gov/bank/analytical/quarterly/index.html

(ag) Jan. 10, 2008