On January 19, FDIC Chairman Bair spoke at the Summit on Residential Mortgage Servicing for the 21st Century where she discussed, among other things: (i) establishing a fixed formula to govern treatment of first and second mortgages when the servicer owns the second mortgage, (ii) requiring banks to foreclose in their own names instead of allowing MERS to foreclose, (iii) establishing a foreclosure claims commission to be funded by servicers to address homeowner complaints from foreclosures with servicing errors, (iv) establishing incentives for loss mitigation in servicing, and (v) possible features of a definition for "qualified residential mortgages" which are exempt from risk retention requirements under the Dodd-Frank Act. FDIC Release.