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[23 Jan 2011 | One Comment | 3,821 views]
FDIC wants more loan modifications, fewer foreclosures

Here’s a newsflash — foreclosures are still plaguing the real estate and mortgage industries.
The amount of foreclosures in the nation has prompted Federal Deposit Insurance Company (FDIC) Chairman Sheila C. Bair to declare it is in the best interests of borrowers and lenders to pursue loan modifications.
We all know the story by now. People got in over their heads with either subprime or — in some cases — prime mortgages and the ramifications have  been severe. Entire neighborhoods stand nearly empty in some parts of the nation and home values …