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Inside Washington (08/14/2008)
* WASHINGTON (8/15/08)--The Federal Deposit Insurance Corp. (FDIC) has the opportunity to test its loan modifications strategy with IndyMac, according to industry observers. At the time of its failure, IndyMac serviced 740,000 mortgages worth $184 billion (American Banker Aug. 14). About 60,000 borrowers are behind on their payments by two months or more, said John Bovenzi, senior FDIC official and IndyMac chief executive. The agency placed a foreclosure ban on the loans IndyMac still owns to attract maximum value for the $15 billion portfolio, said Michael Krimminger, adviser for FDIC Chairman Sheila Bair. The FDIC plans to classify the loans based on their modification potential and then systematically restructure them, he said ... * WASHINGTON (8/15/08)--Larry Giesing, former president of Neighbors CU, St. Louis, is now treasurer for Rep. Russ Carnahan’s congressional campaign after retiring from the credit union (CourierNet Aug. 13). Carnahan (left) is a co-sponsor of the Credit Union Regulatory Improvements Act. Working on Carnahan’s campaign reinforces the importance of supporting credit union friends in elected office, Giesing told the Missouri Credit Union Association. (Photo provided by the Missouri Credit Union Association) ...


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