The Real Deal Miami

Foreclosure help in the works

October 24, 2008 10:02AM

Sheila Bair, chairman of the Federal Deposit Insurance Corp., said the government needs to be more aggressive in helping tens of thousands of borrowers avoid foreclosure by setting standards for loan modification programs that make them more affordable. Sisters Annette and Karlene Parker of Miramar were told last week that their lender was foreclosing. The sisters had paid $1,800 a month on their home until a rate adjustment added $400. Annette Parker echoed federal officials, saying that the government doesn’t need to provide direct assistance, but should have a program to reassess the value of the home and then lower its mortgage and interest rate.