10-16-2008, 12:16 PM
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| FDIC Chief Raps Rescue for Helping Banks Over Homeowners
OCTOBER 16, 2008
By DAMIAN PALETTA
WASHINGTON -- Federal Deposit Insurance Corp. Chairman Sheila Bair on Wednesday criticized the federal government for failing to take more aggressive steps to prevent Americans from losing their homes, highlighting a rift between her and other senior U.S. officials over terms of the $700 billion rescue package.
Reuters
FDIC Chairman Sheila Bair after Treasury Secretary Henry Paulson announced Tuesday a plan to take stakes in banks.
The government plan will help stabilize financial markets but it doesn't do enough to address home foreclosures, the root of the crisis, she said in an interview with The Wall Street Journal.
"Why there's been such a political focus on making sure we're not unduly helping borrowers but then we're providing all this massive assistance at the institutional level, I don't understand it," she said. "It's been a frustration for me."
Ms. Bair didn't single out government officials or leaders, but her criticisms brushed on decisions made by both the Bush administration and Congress. For example, she described painstaking efforts made by lawmakers in crafting the federal Hope for Homeowners program to make sure it limited resale profits for borrowers who received affordable home loans.
Ms. Bair, who was nominated by the White House and confirmed by the Senate in 2006, has frequently said government and industry efforts to prevent foreclosures aren't effective enough. She has long defended her focus on consumer protection as an important role for the FDIC, which is charged with protecting bank deposits.
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