Commodity Futures Trading Commission

Bair lets latest foreclosure wrinkle slip 

While we focused on Sheila Bair’s update to IndyMac Federal’s loan modification program, the FDIC chairman also let fly in Congressional testimony today with a few sentences that foreshadow what may be yet to come under TARP: The statute grants authority to the Secretary of the Treasury to use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.