FDIC Pressures FDIC Insured Banks to ‘go easy’ on borrowers.
Good news for borrowers who are struggling with paying their mortgage.  The FDIC is strongly recommending banks who are receiving assistance from them to ’share in the losses’ by allowing borrowers to work out forbearance agreements that will allow them to make reduced payments for six months, or even more. According to the St. Petersburg Times, September 12, 2009: From the beginning of 2008 through August 2009, the FDIC has entered 53 loss-sharing agreements, with $80 billion in assets covered by the program. Under the new directive, those banks are asked to give borrowers at least six months to make reduced mortgage payments as they t