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U.S. launches mortgage plan as homeowners struggle

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.

Treasury launches mortgage modification program

The Obama administration on Wednesday gave lenders a green light to begin modifying home mortgages under a new $75 billion program aimed primarily at people facing imminent financial hardship.

U.S. mortgage demand off before Obama rescue details

Applications for loans to buy U.S. homes and to refinance existing mortgages fell for the second straight week, the Mortgage Bankers Association said on Wednesday, as consumers awaited for specific details on President Barack Obama's housing stimulus plan.

One in five U.S. mortgage borrowers are underwater

One in five U.S. homeowners with mortgages owe more to their lenders than their homes are worth, and the rate will increase as housing prices drop in states that have so far avoided the worst of the crisis, a new study shows.

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Obama unveils plan for troubled housing market

President Barack Obama on Wednesday unveiled the next step in his multi-pronged efforts to lift the United States out of recession Wednesday, pledging up to $275 billion to help stem a wave of home foreclosures that sparked the U.S. financial meltdown.

Obama housing help plan pledges up to $275 billion

President Barack Obama unveiled his much-anticipated plan on Wednesday to fight the U.S. housing crisis, pledging up to $275 billion to help stem a wave of foreclosures sweeping the country.

Obama to unveil plan for troubled housing market

President Barack Obama was set on Wednesday to unveil a plan to stabilize the troubled housing market, a main cause of the economy's deepening slump.

Columbia Professors Offer New Proposal for Reducing Foreclosures

Columbia Business School and Columbia Law School announced on January 7 a new joint proposal to stem foreclosures through loan modifications.

Citi, Senate Reach Deal on Judge 'Cramdowns'

Citigroup has reached a deal with key senators that may pave the way for judges alter mortgage loans to help homeowners stay in their homes. Cramdowns' as they are called, are when judges force lenders to modify the original terms of a loan.

Fitch downgrades MGIC Investment, PMI ratings on Poor Underwritings

Fitch Ratings downgraded MGIC Investment Corp and PMI Group on Thursday, citing the stressful mortgage environment, and has become more pessimistic on its outlook for the mortgage insurance sector.

Poor mortgage market hurts Bovis' expectations

Bovis Homes said on Tuesday that conditions in the housing market had deteriorated sharply in recent times, and that as a result the company expected its results for the first half of 2008 to be significantly lower than previously expected.

Bank of America to Modify Loans, Help Struggling Homeowners

Bank of America Corp, seeking approval to buy the largest U.S. mortgage company, said it would help reduce home foreclosures by modifying or working out hundreds of thousands of mortgage loans to help more than 265,000 customers.

Goldman Sachs mortgage head quits

The head of Goldman Sachs Group Inc.'s mortgage department, Dan Sparks, unexpectedly quit the firm on Friday, according to media reports.

Capital One Profit Drops 19 Pct in Q1

Capital One Financial Corp., the credit and banking company, said its first-quarter profit fell 9 percent on continued pressures on U.S. companies amid the ongoing credit and mortgage crisis.The Mc...

Mortgage lending could drop by half in 2008

Steve Crawshaw, chairman of the Council of Mortgage Lenders (CML) has said that without extra funding from the Bank of England, mortgage lending could fall by half in 2008.

Halifax says House Prices Slowing

Halifax has said that house price growth is continuing to slow, with prices in the UK falling by 0.3 per cent in February, according to its latest monthly survey.

Thornburg Rebounds From All-Time Low; Shares Down More than 50 Pct

Shares of jumbo mortgage lender Thornburg Mortgage, Inc. (NYSE: TMA) rebounded slightly after plummeting more than 50 percent on Monday.

Freddie Mac loss swells as mortgage crisis deepens

Freddie Mac, the second-biggest provider of U.S. residential mortgage funding, said on Thursday its loss widened to a record $2.5 billion in the fourth quarter as the housing crisis worsened.

January foreclosures up 57 percent in year: report

U.S. home foreclosures for January increased 57 percent from a year earlier, but the pace at least temporarily subsided in response to private and government efforts to help homeowners, RealtyTrac said.

Groups try school to stem foreclosures

For hundreds of thousands of Americans facing spiraling mortgage costs, the last hope of keeping their home may lie in a classroom in a back office of a local nonprofit group.

Foreclosure Web sites expand buying audience

Foreclosures were once only for the most aggressive investors but ordinary home buyers can now join in.

Mortgage approvals reach all time low in December

The British Bankers Association (BBA) has released figures showing that mortgage approvals dropped to a new low in December, indicating further that the housing market is slowing down.

Wealthy May Face Home Crisis Too

High earners with good credit may be heading for trouble as their adjustable rate mortgages adjust beyond their means.

More job cuts expected in mortgage banking

The pace of job losses in mortgage lending slowed in December, as some companies shifted workers to other areas of financial services, but the losses may pick up again in the new year as the U.S. housing market continues to weaken and credit remains tight.

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