Foreclosure Claims Commission

Federal Deposit Insurance Corp chair, Sheila Bair, has called for the creation of a new commission to compensate home owners who have lost their homes to foreclosure because of mistakes their lenders made. She states the claim’s commission would be modeled after commissions that were created to compensate victims of the BP oil spill and the Sept. 11, 2001, terrorist attacks.

Bair’s request for a commission is to address accusations in recent months that banks have taken illegal shortcuts in foreclosure proceedings and are “robo-signing” hundreds of unread foreclosure documents a day.