FDIC's Bair: foreclosures impact whole economy

Minimising foreclosures is important to the broader effort to stabilise global financial markets and the US economy, said Sheila Bair, the chairman of the Federal Deposit Insurance Corporation (FDIC).

Speaking before the US House of Representatives' Financial Services Committee, she said that the FDIC strongly supports programs that result in mortgage loans that are sustainable over the long term and avoid unnecessary foreclosures that harm individual borrowers and the economy. She therefore

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