Under the proposed terms of the settlement -- which could total $25 billion -- banks would get a broader relief from potential state civil lawsuits in exchange for refinancing underwater loans, those mortgages where borrowers owe more than their homes are worth, sources said.
With the housing market still struggling from the burst of the housing bubble several years ago, rental housing has been on an upswing.
An employment report that was better than market expectations helped to lift long-term Treasury bond yields and mortgage rates as well, Frank Nothaft, vice president and chief economist for Freddie Mac, said in a statement.
Incredibly, U.S. home mortgage rates continue to trend lower -- the average 30-year, fixed rate is now 4.07 percent, and they could drop even lower. Still, given soft home prices, jumping into the housing market is hardly a slam-dunk no-brainer, and here are five factors to consider before buying a home.
Mortgage Rates Reach An All-Time Low: A Financial Tragedy
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.
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.
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.
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.
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.
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.
Some of the nation's largest banks are under threat of a mortgage lawsuit from the federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac.
The Obama administration is considering unveiling new plans next week to revive the ailing housing market and reduce foreclosures, including an effort to help troubled borrowers refinance their mortgages.
The Obama administration is considering unveiling new plans next week to revive the ailing housing market and reduce foreclosures, including an effort to help troubled borrowers refinance their mortgages.
The regulator for Fannie Mae and Freddie Mac, as well as dozens of investors, on Tuesday lodged objections to Bank of America Corp's proposed $8.5 billion mortgage-backed securities settlement.
Bank of America Corp's mortgage practices came under fresh fire as state and federal regulators questioned whether the largest U.S. bank is doing what it must to address perceived harm to homeowners and investors.
The Obama administration is considering plans to allow millions of homeowners with government-backed mortgages to refinance at current interest rates.
