Bair's work has drawn praise from many congressional Democrats. Last month, House Financial Services panel Chairman Barney Frank (D-Mass.) and Rep. Maxine Waters (D-Los Angeles) wrote to Bush urging him to have Bair head a government-wide effort to coordinate operations to help homeowners.
Bush has not created such a position. And his administration has been cool to Bair's mortgage restructuring plan because it calls for additional spending. Last week, federal officials announced a less ambitious plan to help several hundred thousand holders of mortgages owned or guaranteed by government-run Fannie Mae and Freddie Mac.
But Bair publicly criticized the plan. Then on Friday she formally rolled out her own proposal, even though the administration had said it would not fund it. Gray said the move was designed to give lawmakers and others specifics so they could decide whether the plan was worth enacting.
"I think she and her staff are more focused on where the Democrats are on this than where the Republicans are," Ely said. That could pave the way for a new job for Bair after Jan. 20.
"I wouldn't be surprised if the Obama administration [creates] a mortgage modification czar," Ely said. "Or in this case, a mortgage modification czarina."
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jim.puzzanghera@latimes.com
