FDIC's Bair calls for mortgage transparency

Sheila Bair, the chairman of the Federal Deposit Insurance Corporation, the body responsible for deposit insurance in the US, has called for a return to common sense and back-to-basics lending standards.

Bair told representatives of the Californian business on Friday 22 February: "Ronald Reagan once said that the purpose of government was to protect us from each other, not to protect us from our selves....The recent problems in the mortgage market and the economic harm they are causing

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