Bank of America is set to lose nearly all the mortgage market share it gained by buying Countrywide Financial Corp in 2008, in the latest sign of how painful the acquisition has been for the bank.
The average 30-year fixed mortgage rate fell below 4 percent for the first time in history to 3.94 percent.
More than three years after the financial crisis struck, the U.S. economy remains stuck in a consumer debt trap.
Pending sales of existing homes fell less than expected in August despite rock-bottom mortgage rates, underscoring the difficulties policymakers face in helping the struggling housing sector.
Federal Reserve Chairman Ben Bernanke said on Wednesday the central bank might need to ease monetary policy further if inflation or inflation expectations fall significantly.
Federal Reserve Chairman Ben Bernanke said on Wednesday the central bank might need to ease monetary policy further if inflation or inflation expectations fall significantly.
Existing home sales rose in August to their highest in five months as lower prices and rock-bottom interest rates drew more buyers into a still moribund market.
Existing home sales rose more than expected in August to their highest level in five months as falling prices and low interest rates drew more buyers into a still moribund market.
Fannie Mae and Freddie Mac, the country's two largest mortgage finance providers, are expected to gradually increase the fees they charge lenders in the next year, their federal regulator said on Monday.
The regulator for Fannie Mae and Freddie Mac said on Monday he is considering some reform scenarios that include higher costs for mortgages backed by the government and sharing more risk with the private sector.
Redwood Trust, a California-based REIT, is about to launch its second private-label RMBS of the year, a US$375.2m prime-mortgage offering called Sequoia Mortgage Trust 2011-2 (SEMT 2011-2), according to a presale report released on Wednesday by Fitch Ratings.
Regulators are close to an agreement with Fannie Mae and Freddie Mac to settle a case over disclosing their exposure to risky subprime loans, The New York Times reported on Thursday.
President Barack Obama proposed a $447 billion package of tax cuts and spending measures on Thursday aimed at spurring growth and hiring.
President Barack Obama proposed a $447 billion package of tax cuts and spending measures on Thursday aimed at spurring growth and hiring.
A lawsuit accusing several mortgage lenders of fraud over home loans maintained within the industry's private electronic database cannot proceed, according to a U.S. appeals court ruling.
Bank of America Corp Chief Executive Brian Moynihan is running out of time to fix the largest U.S. bank.
General Electric Co said it would vigorously contest a lawsuit by the Federal Housing Finance Agency, which said the conglomerate's former WMC unit made inaccurate statements about the sale of two residential mortgage-backed securities.
JPMorgan Chase & Co and Bank of America led bank stocks lower on Tuesday after mortgage lawsuits filed late on Friday aggravated investor fears that the biggest banks could face massive legal liabilities.
JPMorgan Chase & Co, the second largest U.S. bank by assets, led a broader decline in bank share prices, as investors feared lenders face a growing list of lawsuits due to problem mortgages.
European stocks got hammered on Monday and the euro tumbled as well, as investors moved into safe assets. Rising fears over Europe's sovereign debt crisis and economic growth concerns in Europe and the U.S. is driving the move away from equities. The yield on the benchmark 10-year German government bond fell to well below two percent -- a new record. The Stoxx Europe 600 index fell 4.1 percent Monday, closing at 223.45.
A U.S. regulator will soon file lawsuits against major banks accusing them of bundling subprime home loans into bonds that never should have been sold to investors and causing mortgage giants Fannie Mae and Freddie Mac to lose billions, according to a source familiar with the matter.
Stocks of large financial companies, such as Bank of American and Goldman Sachs, have taken a pounding Friday over a likely lawsuit concerning mortgage sales.
