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News Now

Washington
Inside Washington (08/20/2008)
* WASHINGTON (8/21/08)--The Federal Deposit Insurance Corp. (FDIC) Wednesdsay announced a plan to help homeowners with mortgages from IndyMac avoid foreclosure. The failed bank has about 740,000 loans that it owns or services for others (Reuters Aug. 20). Eligible borrowers must be seriously delinquent or in default. The modifications, which will be capped at a permanent 6.5%, apply to primary residences only. The cost of the loan modification program is not known, but the FDIC is required by law to take the lowest-cost approach. If modification costs are higher than foreclosure costs, the agency will have to foreclose on the home, she said ... * WASHINGTON (8/21/08)--Next week, the Securities and Exchange Commission (SEC) will propose rules to curb short-sale stock manipulation, SEC Chairman Christopher Cox said (American Banker Aug. 20). The commission already has implemented a temporary measure to stop traders from driving down stocks from Fannie Mae, Freddie Mac and 17 other companies. The measure expired Aug. 12. The SEC also could consider rules to end short-selling in all companies, Cox noted ...


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