FDIC’s Bair Sets to Shatter CRA Myth

The facts are simple, Bair said. The lending practices that are causing problems today were driven by a desire for more market share and revenue growth, not because the government encouraged certain lending practices. > Read the full item at Housing Wire. > Source: FDIC’s Bair Sets to Shatter CRA "Myth" By KELLY CURRAN.

Last week Bloomberg published the transcript from an interview with Federal Deposit Insurance Corp. Chairman Sheila Bair where she talks about why IndyMac’s high-risk lending and mortgage losses make it "unattractive". Bair believes the high risk loans will force the agency to strengthen the firm and find a buyer.

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Congress and the administration also need to mend their ways and start reining in the federal budget deficit, FDIC Chairman Sheila Bair said at a securities industry conference in New York Wednesday.

Myth: Your money is safer in big banks. Fact: No one has ever lost a penny of FDIC-insured deposits held in community banks. The fdic insures deposits up to $100,000 per depositor and $250,000 for certain retirement accounts.

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Bair said a cleaner solution would be to apply risk retention to everyone. "If we could get rid of the QRM, I would," Bair said in remarks to the Council on Foreign Relations. "There is only so much regulation can accomplish. Financial incentives can be so much more powerful.

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– Nowhere.’ The facts are simple, Bair said. The lending practices that are causing problems today were driven by a desire for more market share and revenue growth, not because the government encouraged certain lending practices." (FDIC’s Bair Sets to Shatter CRA "Myth", by Kelly Curran, HousingWire.com, December 5, 2008.)