Arthur Delaney, Huffington Post

Former bank regulator Sheila Bair cringed when President Barack Obama promised at an Arizona high school gymnasium in 2009 that his administration could save millions of homes from foreclosure.

“If lenders and home buyers work together, and the lender agrees to offer rates that the borrower can afford, then we’ll make up part of the gap between what the old payments were and what the new payments will be,” Obama said, explaining the program with Bair at his side. “And this will enable as many as 3 to 4 million homeowners to modify the terms of their mortgages to avoid foreclosure.”

In her new book, “Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself,” Bair recounts how her own housing proposals were passed over in favor of a much weaker program, which she knew would never save 4 million homes. Bair served as chairwoman of the Federal Deposit Insurance Corporation until July 2011.

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