Sheila Bair Says the Foreclosure Fiasco Requires a Global Solution

Sheila Bair Says the Foreclosure Fiasco Requires a Global Solution

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Right from the start we’ve been saying that the foreclosure fiasco is going to prompt government intervention to remedy the flaws and perhaps forgive certain types of fraudulent behavior by banks. Now it seems that Sheila Bair agrees.

“Ultimately this problem will require some type of global solution,” Bair said at a housing conference in Arlington, Virginia Monday.

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FDIC Chariman Bair has some alarming words as of late. Why?

Bank Of America Starts Counting Foreclosure Mistakes, And Finds 10-25 Errors In First Pile They Look At
Source
Triage?

“We are going to get into more and more problems with the issues that are surfacing now on servicing,” Bair said today at a housing conference in Arlington, Virginia. Resulting litigation could “ultimately be very damaging to our housing markets if it ends up prolonging those foreclosures that are necessary and justified,”

So lets understand her words.
She does not think that Congressional Intervention is needed, yet she thinks Global Solutions are called for...
because there is going to be a Housing Market Meltdown.

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Bank of America has already been hit with a class action lawsuit.
www.law.com...

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