The Treasury Department is considering giving banks and investors billions of dollars in fresh incentives to modify troubled mortgages and save homeowners from foreclosure, sources familiar with official deliberations said.
Investors have hired attorneys to argue that large banks have a conflict of interest as mortgage servicers and holders of second liens, as a government plan to give servicers the power to rework the troubled loans has raised concerns.
GMAC LLC, the General Motors Corp financing affiliate that received a government bailout, said its mortgage unit is hiring 1,000 people to handle a surge in refinancings and jumbo loans.
Six large U.S. banks could pocket nearly $10 billion in federal subsidies if they modify troubled home loans and are able to save homeowners from foreclosure, the Treasury Department said on Wednesday.
One in every eight U.S. households, a record share, ended 2008 behind on their mortgage payments or in the foreclosure process as job losses intensified a housing crisis spawned by lax lending practices, the Mortgage Bankers Association said on Thursday.
Unemployment is a bigger reason for missed mortgage payments than high interest rates, according to a study from the Boston Federal Reserve that raises questions about President Barack Obama's plan to stem foreclosures by modifying loans.
More than 58 percent of U.S. home loans modified in 2008 did not result in a decreased monthly payment, and those modifications often did not produce sustainable mortgages, according to a report released on Friday.
Defaults on privately insured U.S. mortgages fell nearly 16 percent in February from the month before but were still half again higher than a year earlier.
U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans, data from an industry group showed on Wednesday.
U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans, data from an industry group showed on Wednesday.
General Growth Properties Inc remained in talks on Sunday with bondholders it was trying to persuade to accept reduced terms, The Wall Street Journal reported.
Regulators worked on Saturday to assess troubles at the largest U.S. corporate credit union with the aim of keeping liquidity flowing through the nation's 7,800 credit unions.
The U.S. Federal Trade Commission (FTC) will use new authority to bar lending practices by mortgage brokers who have deceived borrowers, Bloomberg said, citing the FTC's chairman.
Thornburg Mortgage Inc , a large and troubled provider of jumbo mortgage loans, on Tuesday said it may file for Chapter 11 bankruptcy protection.
Freddie Mac, the second largest mortgage finance company in the U.S., urged lenders to limit fees for borrowers so they could benefit from President Barack Obama’s housing stimulus plan.test
A credit score can tell a lender a lot about a prospective borrower, but so can the borrower's looks, a new study says.
U.S. mortgage bond investors are crying foul as federal policy responses to the worst housing crisis since the 1930s threaten to cripple their tenuous positions.
U.S. mortgage bond investors are crying foul as federal policy responses to the worst housing crisis since the 1930s threaten to cripple their tenuous positions.
Virgin Group will return to the mortgage market and obtain a license to operate a high street bank, the group's billionaire founder Richard Branson told the Times newspaper.
About one in eight U.S. homeowners with mortgages, a record share, ended 2008 behind on their loan payments or in the foreclosure process as job losses intensified a housing crisis spawned by lax lending practices, the Mortgage Bankers Association said on Thursday.
The Obama administration on Wednesday launched a $75 billion foreclosure relief plan, as new data showed one in five U.S. homeowners with mortgages owe more than their house is worth.
WASHINGTON/NEW YORK - The Obama administration on Wednesday launched a $75 billion foreclosure relief plan, as new data showed one in five U.S. homeowners with mortgages owe more than their house is worth.
