Through the direction of the FDIC, almost 4,000 borrowers from IndyMac have been provided with more affordable mortgages, and that by this weekend IndyMac plans to send over 15,000 modification offers/opportunities to borrowers, that are saving $430 per month. IndyMac is being carefully scrutinized, as their efforts are to save the FDIC money by curtailing losses on foreclosures. When the government took over IndyMac, the FDIC found that near 8% of their 742,000 loans were delinquent or in foreclosure.

The Bank of America Corp., will also be taking similar steps, with Countrywide Financial Corp, in a 12 state ($8.4 billion) legal settlement to be set this month. More Congressional Democrats and state officials want the FDIC´s methods to be spread as the Treasury Department is buying billions in distressed mortgage debt. The Attorney General for Iowa, Tom Miller, said that "The country is in crisis,... This is something that everybody should do." Steve Bailey, a former executive with Countrywide who is now part of the Bank of America´s loan administration division also said that with home prices 18% away from their top peak in mid 2006, using more aggressive and direct loan modification plans in places such as California, Florida, and Nevada, made more sense for lenders.

While IndyMac has received about a 70% response rate from the 7,500 letters they first sent out, according to Evan Wagner, a spokesman for IndyMac said that in order to get that over 30% "The biggest hurdle is getting people to open these letters to read about the modification offer,". Of course once they open them, there is the matter of qualifying by proof of income, and showing that they tried to pay off their loans/proof of responsibility. To date, the program is for those who are at least 60 days delinquent but steps are being made to try and help additional struggling homeowners.