Sheila Bair Said to Be Top Pick for Foreclosure Accord Monitor

By David McLaughlin and Thom Weidlich - Dec 12, 2011 12:00 AM ET

Ex-Federal Deposit Insurance Corp. Chairman Sheila Bair is a top candidate among state officials to ensure banks comply with any settlement of a nationwide foreclosure probe, a person familiar with the matter said.

Bair, who led the FDIC from 2006 until this year, is supported by some states as a third-party monitor of any accord with mortgage servicers including Bank of America Corp. (BAC), though Citigroup Inc. (C) opposes her selection, said the person. Selection of a monitor is one of the final issues to be worked out between the banks and state and federal officials, said the person and one other also familiar with the talks. Both declined to be identified because the negotiations are secret.