FDIC Chief Got Bank of America Loans While Working On Its Rescue

(HUFFINGTON POST) — Sheila Bair, one of the chief regulators overseeing Bank of America’s federal rescue, took out two mortgages worth more than $1 million from the banking giant last summer during ongoing negotiations about the bank’s bailout and its repayment.

Mortgage documents for [her] 14-room home include a provision, known as a second-home rider, stating that Bair and her husband must keep the house for their “exclusive use and enjoyment” and may not use it as a rental or timeshare.

Yet the couple has been renting out part of the house since they left for Washington, with Bair listing income from the “rental property” in Amherst as between $15,000 and $50,000 a year on her most recent financial disclosure form as head of the FDIC.

via FDIC Chief Got Bank of America Loans While Working On Its Rescue | The Huffington Post Investigative Fund.

Be the first to comment

Leave a Reply

Your email address will not be published.


*