Fiscal Crisis 2007 - Open Letter to the FDIC Chairman

I am writing to complain about the FDIC Chairman Sheila Bair public remarks about freezing ARM rates. Her remarks are outside of her scope of responsibility and detrimental to fundamentally good banking practices.

The ongoing credit crisis in the United States is the logical extention of the loose lending practicies and lack of financial responsiblity by the debt securities market and irresponsible individual home purchasers.

Such a remark punishes prudent investors, people who are financially responsible, and the value of the US Dollar. It appears that Chairman Bair is trying to protect the FDIC institution at the cost of other responsible Americans.

If she has any questions, please have her contact me by email.

Thank you for your consideration in this matter,

Category:

News & Politics

Tags:

• fiscal
• crisis
• fdic
• outragous
• statements
• open
• letter

[GA7777777]

Chairman Bair is correct. If the present rate of foreclosures continue the value of your home will be zero and our economy will collapse. You do not realize the seriousness of the problems we face. Every foreclosure hurts every home owner.

[jpalme2000]

You are assuming that the banking system would be allowed to fall that far. They will change the rules before the system collapse. Just like they did back in Aug 2007 with banking reserves.

[razzz40]

Miami Valley Bank Lakeview, Oh October 4, 2007

NetBank, Alpharetta, GA September 28, 2007

Metropolitan Savings Bank, Pittsburgh, PA February 2, 2007

[BlazenJames]

thank you once again John for the info.

[DangerousCombination]

John,

Can you give some details on which banks have collapsed?