FDIC Tests Loan Modification Strategy through IndyMac Thrift
August 25, 2008
The Federal Deposit Insurance Corp. is using distressed IndyMac Federal Bank as a model for a newly developed loan modification strategy it hopes the mortgage industry would adopt to help at-risk borrowers avoid foreclosure and maximize recovery for mortgage investors. The new aggressive program is aimed at troubled Alt A loans that the agency assumed as receiver of the former IndyMac...