{"id":190315,"date":"2009-12-10T23:43:00","date_gmt":"2009-12-11T04:43:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/12\/10\/why-is-the-best-person-on-obamas-economic-team-is-a-bush-appointee\/"},"modified":"2009-12-10T23:43:00","modified_gmt":"2009-12-11T04:43:00","slug":"why-is-the-best-person-on-obamas-economic-team-is-a-bush-appointee","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/12\/10\/why-is-the-best-person-on-obamas-economic-team-is-a-bush-appointee\/","title":{"rendered":"Why is the Best Person on Obama&#8217;s Economic Team is a Bush Appointee"},"content":{"rendered":"<p>I am referring, of course to Sheila Bair, who is now trying to use the FDIC&#8217;s leverage over banks that have loan loss sharing agreements with the agency to <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601103&amp;sid=aW0UJVi0Xnfs\">offer principal reductions on homes<\/a>:<\/p>\n<blockquote><p> <span style=\"color: rgb(0, 0, 153);\">Federal Deposit Insurance Corp. Chairman Sheila Bair may ask lenders to cut the principal on as much as $45 billion in mortgages acquired from seized banks, expanding her bid to aid homeowners as unemployment rises.<\/span><\/p>\n<p><span style=\"color: rgb(0, 0, 153);\">The FDIC, which has taken over 124 failed banks this year, may seek to have lenders that sign loss-sharing agreements when acquiring the assets do more than cut interest rates or defer the loan\u2019s principal, Bair said today in an interview at Bloomberg\u2019s Washington office.<\/span><\/p>\n<p><span style=\"color: rgb(0, 0, 153);\">\u201cWe\u2019re looking now at whether we should provide some further loss sharing for principal write downs,\u201d Bair said. \u201cNow you\u2019re in a situation where even the good mortgages are going bad because people are losing their jobs. So you have other factors now driving mortgage distress.\u201d<\/span><\/p><\/blockquote>\n<p>Good for her, though it reflects very poorly on Obama that his people are being shown to be in the pockets of the finance industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I am referring, of course to Sheila Bair, who is now trying to use the FDIC&#8217;s leverage over banks that have loan loss sharing agreements with the agency to offer principal reductions on homes: Federal Deposit Insurance Corp. Chairman Sheila Bair may ask lenders to cut the principal on as much as $45 billion in &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,1088,985],"tags":[],"class_list":["post-190315","post","type-post","status-publish","format-standard","hentry","category-finance","category-real-estate","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190315"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=190315"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190315\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=190315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=190315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=190315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}