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Fed Starting Workouts For Delinquent Borrowers.(Managing REO)
Byline: Brian Collins
Washington-The New York Federal Reserve Bank is holding billions of dollars of residential mortgage assets from Bear Stearns and American International Group and the Federal Reserve Board has finally decided to start workouts and modifications for those delinquent borrowers.
Congress granted the Federal Reserve Board this modification power back in October as part of the first Troubled Asset Relief Program bill.
Fed chairman Ben Bernanke informed Congress last week that the board has adopted a foreclosure prevention policy and is planning to begin loan modifications.
"The Fed is exercising its authority under the original TARP to deal with mortgages," chairman Barney Frank, D-Mass., said at a House Financial Services Committee meeting last week.
In a letter to Rep. Frank, the Federal Reserve Board chief said the board has decided to apply the new policy to residential mortgage assets it holds as collateral for propping up AIG and facilitating the acquisition of Bear Stearns by JPMorgan Chase.
The Fed holds the mortgages as collateral for discount window loans. The Fed's loan modification policy could be applied to future bailouts.
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Source: HighBeam Research, Fed Starting Workouts For Delinquent Borrowers.(Managing REO)