Sheila Bair, the chairman of the Federal Deposit Insurance Corp., is pitching the creation of a foreclosure claims commission similar to one formed to study the Gulf of Mexico oil spill last year. Speaking at the Mortgage Bankers Association summit in Washington, D.C., Bair said, “The mortgage servicing industry is fundamentally flawed and in desperate need of reform. It does not provide significant incentives to provide borrowers enough loss mitigation needs.”
