WASHINGTON (AP) -- The head of the FDIC is pressing again for more aggressive government action to help millions of home borrowers avert foreclosure, saying federal money is needed to ensure economic recovery.
Federal Deposit Insurance Corp. Chairman Sheila Bair is telling Congress that as mortgage foreclosures mount, the government is "clearly falling behind the curve."
The FDIC broke with the Bush administration last week and proposed using $24 billion in government funds to help 1.5 million struggling borrowers by guaranteeing modified mortgages through the end of 2009.
Bair also says all banks should pay their managers appropriate compensation that discourages excessive risk-taking.
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