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I heard this today too.  Looks like some in congress would like to expand FDIC's (Blair's) program to help/"encourage" banks to refinance troubled mortgages rather than let them go into foreclosure. If there are enough well-intentioned home buyers out there this might do a lot to ease that part of the crisis, but I have my doubts.

I can swear there ain't no heaven but I pray there ain't no hell. _ Blood Sweat & Tears
by Gringo (stargazing camel at aoldotcom) on Tue Nov 18th, 2008 at 10:06:46 PM EST
[ Parent ]
according to Bair, she's presently working with 60,000 total foreclosures, of which roughly 40,000 are eligible, for income, existing debt, owner-occupation,  or other reasons, for loan modification. She expects that 30,000 of those  will successfully reach agreements with banks and get some mortgage relief.

The program is evidently set to explode, as Bair projects she'll be working with some 1.5 million foreclosures in 2009 (hard to believe she's set up to work with that volume), which appears to be somewhere around 30% of projected foreclosures next year.

"It Can't Be Just About Us"
--Frank Schnittger, ETian Extraordinaire

by papicek (papi_cek_at_hotmail_dot_com) on Wed Nov 19th, 2008 at 10:27:20 AM EST
[ Parent ]
Unless I'm mistaken, I think Blair was only working with IndyMac clients at this point.

I can swear there ain't no heaven but I pray there ain't no hell. _ Blood Sweat & Tears
by Gringo (stargazing camel at aoldotcom) on Thu Nov 20th, 2008 at 02:54:38 PM EST
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