Sheila Bair Wants to Protect Foreclosure Victims

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sheila bairSheila Bair wants to help rescue the nation's homeowners from the foreclosure disaster. On Wednesday, the chairman of the Federal Deposit Insurance Corp. (FDIC) recommended the formation of a foreclosure claims commission not unlike the one created to aid victims of the oil spill in the Gulf of Mexico in 2010. Bair was speaking at the Mortgage Bankers Association conference in Washington on the future of mortgage servicing when she made the proposal. "The mortgage servicing industry is fundamentally flawed and in desperate need of reform," she said, explaining that homeowners needed protection from improper foreclosures.

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