Mortgage proposal has faced conflict
Federal Deposit Insurance Corp. Chairman Sheila Bair said she’s frustrated by a lack of support from the Bush administration for her $24 billion proposal to have the U.S. guarantee troubled mortgages.
“It has been frustrating,” Bair said Tuesday at a conference in Washington. “But we continue to have discussions.”
FDIC employees briefed President-elect Barack Obama’s transition team on the plan under consideration with the Treasury Department since October, she said. Bair is encouraged that Obama is “focusing on foreclosure prevention.” Bair said she’s hopeful President George W. Bush or Obama will support the program that might prevent 1.5 million foreclosures through next year.