Yesterday, the Chairman of the Federal Deposit Insurance Corp (FDIC) — the organization that insures banking deposits — criticized the U.S. Government’s recent $700 billion rescue package as helping stabilize financial markets, but not doing enough to address home foreclosures.
FDIC Chairman Sheila Bair told the Wall Street Journal she’s perplexed that so much attention has been focused on institutions, and not on assisting borrowers.
“I support all the measures; I’ve been a part of all the measures that have been taken,” she said.
“But we’re attacking it at the institution level as opposed to the borrower level, and it’s the borrowers defaulting.”
You can read the full story at Reuters.
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