mortgage

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Federal Mortgage Plan Not Helping the Neediest: Critics

Only 2K in danger of foreclosure have been able to take advantage, stats show

(Newser) - A plan to federally subsidize the refinancing of troubled mortgages has in fact helped relatively few of the most at-risk borrowers, the New York Times reports. Though Bush administration officials said FHA Secure has benefited 150,000, federal statistics show that only 1,729 of those mortgages were delinquent. “...

Mortgage Biz Battles Fed Reforms
Mortgage Biz Battles Fed Reforms
Apr 28, 2008 7:05 AM CDT

Mortgage Biz Battles Fed Reforms

Rules would limit credit for worthy borrowers, bankers say

(Newser) - As the Federal Reserve moves toward stricter lending rules, mortgage providers are firing back, calling the rules too broad and arguing that they could limit loans to borrowers who don't have credit problems, the New York Times reports. Regulation, bankers say, could raise the price of mortgages by increasing paperwork...

As Mortgages Melt Down, Owners Burn Up

Debt-motivated arson another facet of US subprime crisis

(Newser) - US homeowners are literally burning down their homes instead of paying their subprime mortgages. Last year saw a dramatic nationwide jump in apparently debt-motivated arson, the Los Angeles Times reports. “I'm busier now than a one-armed paper hanger,” said one investigator. “What is happening is terrifically economically...

Bank of England Launches Mortgage Swap Plan

Central bank would take on $100B in mortgages

(Newser) - Commercial banks will be allowed to temporarily swap some $100 billion in troublesome mortgages for securities backed by Britain's central bank under a plan announced today, the Wall Street Journal reports. The move by the Bank of England, aimed at boosting  liquidity and confidence in the banking system, follows similar...

Maybe You Shouldn't Own a Home
Maybe You Shouldn't
Own a Home
OPINION
Apr 20, 2008 3:08 PM CDT

Maybe You Shouldn't Own a Home

Wake up, America: Not everyone can afford the white picket fence

(Newser) - Should all Americans own their dream home? Not really, writes Joshua Riner in the New Republic—only those who can afford one. But Washington made homebuying easy, sparked the subprime crisis, and is now making things worse by buying up risky mortgages. Officials "need to replace the dream of...

Bear Stearns Could Face Civil Charges

Regulators probing troubled bank's bond, mortgage practices

(Newser) - Bear Stearns has been warned it could face civil charges stemming from an SEC probe into its anti-competitive bidding for municipal bonds, the Wall Street Journal reports. The firm is also being investigated by the FTC for alleged violations of consumer protection laws involving its mortgage-servicing unit. Bear Stearns officials...

Recession Zings Top Law Firms
 Recession Zings Top Law Firms 
Apr 14, 2008 3:10 AM CDT

Recession Zings Top Law Firms

Associates laid off, programs cut

(Newser) - The recession has begun to nip at the heels of New York's big law firms, reports the Wall Street Journal. Some firms are beginning to lay off associates, rescind offers to those coming out of law school, and scale back summer associate programs. It's all due to a slowdown in...

$6B From Outside Investors Will Shore Up Wachovia

Bank selling discounted shares to combat credit crunch

(Newser) - Ailing bank Wachovia will get a $6 billion-$7 billion shot in the arm from outside investors, the Wall Street Journal reports. Specifics of the capital infusion, designed to help the company recover from the credit crisis, haven’t been finalized. Details may be revealed when the company reports first-quarter earnings...

Bush Readies Mortgage Bailout
 Bush Readies Mortgage Bailout 
Mar 29, 2008 6:48 AM CDT

Bush Readies Mortgage Bailout

Aid plan would back new loans for homeowners in 'upside-down' mortgages

(Newser) - Homeowners facing foreclosure could soon be getting a helping hand from the Bush administration, the Washington Post reports. Details are being finalized on a plan that would see portions of loans forgiven for people who now owe the bank more money than their house is worth. The remainder would be...

No 'Reward' For Borrowers, Lenders: McCain

GOP candidate blasts risky mortgages, nixes government bailout

(Newser) - John McCain said today he opposes government action to bail out homeowners having trouble with their mortgages, the New York Times reports. McCain—who will receive Nancy Reagan's endorsement today—differentiated himself from both Democratic candidates, who have called for federal intervention, saying: “It is not the duty of...

Condo Glut Floods Cities
 Condo Glut Floods Cities 
Mar 22, 2008 8:17 AM CDT

Condo Glut Floods Cities

Bargains abound as boom-time projects completed

(Newser) - A deluge of new condos is about to hit many American cities already flooded with an unprecedented number of unsold units, the Wall Street Journal reports. This year, thousands of projects started at the height of the housing boom will be completed; oversupply and economic slowdown are likely to cause...

Mortgage Meltdown Hits Small Builders

Wave of bankruptcies could in turn weaken regional banks

(Newser) - The housing market collapse that's sending homeowners into foreclosure is starting to hit small- and medium-size builders left with developments they're unable to sell, the Wall Street Journal reports. Buyers are canceling contracts and builders are missing mortgage payments on often highly leveraged projects. Small regional banks, in turn, could...

Fed Cut Raises Inflation Fears
 Fed Cut Raises Inflation Fears 
Mar 19, 2008 10:27 AM CDT

Fed Cut Raises Inflation Fears

Borrowers, exporters stand to gain, but critics find move 'self-defeating'

(Newser) - The Federal Reserve's latest rate cut might boost the economy with cheaper credit, but economists worry a freed inflation genie could be behind any magic, the Washington Post reports. Commodity prices rose to record levels in expectation that the rate cut would keep demand high, and the price hikes are...

Hotline for At-Risk Loans Not So Helpful

Subprime victims find Hope Now Alliance doesn't live up to billing

(Newser) - A hotline aimed at helping distressed mortgage borrowers is frequently overwhelmed by caller volume and rarely able to provide substantive aid, MSNBC reports. The Hope Now Alliance—a group of lenders and community groups heavily promoted by President Bush—is designed to improve lender-borrower communication and modify mortgages, most commonly...

As Margin Calls Mount, Carlyle Holds 'Crisis Talks'

Private equity giant's subsidiary imperiled

(Newser) - The Carlyle Group is holding emergency talks with lenders to try to save its drowning Carlyle Capital division, the Washington Post reports. Creditors have decided that Carlyle’s portfolio of traditionally safe mortgage-backed securities holdings isn’t good enough in the current market, and they're demanding $400 million more in...

Fed Pumps Money Into Reeling Banks
Fed Pumps Money Into Reeling Banks
Mar 7, 2008 12:02 PM CST

Fed Pumps Money Into Reeling Banks

It will loan billions more this month to ease credit crisis

(Newser) - The Federal Reserve will lend more money to banks in March in a bid to ease the worsening credit crisis, Bloomberg reports. By dramatically increasing the funds available in two upcoming auctions—from $30 billion to $50 billion—the Fed hopes to convince banks to loosen up and lend more.

Foreclosures Soar in Q4
Foreclosures Soar in Q4
Mar 6, 2008 1:55 PM CST

Foreclosures Soar in Q4

Borrowers' poor credit, not rate resets, blamed for latest spike

(Newser) - Home foreclosures and mortgage delinquency in the US saw record highs in the last three months of 2007. Reuters reports that 0.83% of US loans entered foreclosure in the fourth quarter, close to double the 0.54% of the same period in 2006. Mortgage delinquency hit 5.82%, the...

Bernanke: Homeowners Need More Help

Fed chief calls for writing down problem mortgages' principal

(Newser) - Ben Bernanke says homeowners need more help, and that help might include writing down the principal on some problem loans, reports the Wall Street Journal.  "Efforts by both government and private-sector entities to reduce unnecessary foreclosures are helping, but more can, and should, be done,"  the...

Freddie Mac Reports Record $2.45B Loss

Rising defaults break mark mortgage investor set ... last quarter

(Newser) - Freddie Mac, the nation’s second-largest mortgage finance company, lost $2.45 billion in 2007's fourth quarter, topping the record $2.02 billion it lost the previous quarter, Bloomberg reports. Freddie’s CEO predicted still-greater losses ahead as loan defaults take their toll, but said the company had raised enough...

Bush Spars With Senators Over Housing Fixes

Democrats and Republicans push to go further; feds don't want 'bailout'

(Newser) - Congressional Democrats are pushing for new bankruptcy rules to help homeowners suffering from the mortgage crisis, the Washington Post reports—though the White House says it will veto any plan that could hurt lenders and send mortgage rates upward. Democrats say enough Republicans from hard-hit states could join them in...

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