FDIC chairwoman Sheila Bair appeared before the Senata Banking Committee on Thursday, citing that her agency was working with the Treasury Department to address the problems of so many American homeowners. With third quarter foreclosures jumping 71 percent, and the American people displeased with the main focus of the financial rescue resting on large institutions, people are now looking to the goverment to provide aid to the individual homeowner. The plan would include providing guarantees to lenders who modify loans, allowing individuals to avoid unecessary foreclosures.
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