TITLE

ARM Workout Calls Trigger Fierce Debate

AUTHOR(S)

Terris, Harry

PUB. DATE

October 2007

SOURCE

American Banker;10/9/2007, Vol. 172 Issue 194, p1

SOURCE TYPE

Trade Publication

DOC. TYPE

Article

ABSTRACT

This article reports that servicers have taken a piecemeal approach to the problem of potential defaults on soon-to-reset subprime hybrid adjustable-rate mortgages, the debate in the industry over more extensive measures is intensifying. Federal Deposit Insurance Corp. Chairman Sheila Bair advocate for the vast majority of such loans to be frozen at their initial interest rates. In her view the choice is between mass modifications and mass foreclosures.

ACCESSION #

26981046

Tags: BAIR, Sheila, 1954-;  MORTGAGE loans;  MONETARY policy;  DEPOSIT insurance;  SUBPRIME mortgages;  FEDERAL Deposit Insurance Corp.

 

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