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FDIC Proposal: Pay Borrowers $20,000 To Walk Away

By Implode-Explode Heavy Industries

"In its attempt to save the housing industry, government regulators have come out with one dumb bailout after another. The FDIC may have topped them all however in their recent proposal to pay borrowers up to $20,000 to walk away. [Thanks L!] The five biggest US mortgage servicers were told this week at a private meeting with regulators to consider paying delinquent borrowers up to $21,000 each as part of a broader settlement of the foreclosure crisis"

Full post as published by Mortgage Lender Implode-o-Meter on March 26, 2011 (boomark / email).