Posts with tag foreclosure crisis

Fannie Mae waded further into the foreclosure pool on Monday as it released new details on its plan to sell its repossessed homes as rental properties. The pilot program, first announced in August as an effort to clear the mortgage giant's backlog of foreclosures, is launching with an initial offering of 2,490 residential... Continue Reading »

With an estimated 3.6 million more foreclosures expected over the next two years, the government-backed mortgage giants have a proposition for you: How'd you like to take a couple (hundred) homes off their hands? In a recently announced program, the Federal Housing Finance Agency, which regulates the quasi-government... Continue Reading »

By Chris Isidore, CNNMoney NEW YORK -- Even as the $26 billion mortgage settlement helps hundreds of thousands of troubled homeowners, it will bring a wave of new foreclosures. Many lenders held off on reposessing homes during the complex negotiations between 49 state attorneys general, and federal officials. That's... Continue Reading »

WASHINGTON -- Ben Bernanke says declines in home prices have forced many Americans to cut back sharply on spending and warns that the trend could continue to weigh on the economy for years. The Federal Reserve chairman drew the connection between home values and consumer spending, which fuels 70 percent of economic... Continue Reading »

Marking the conclusion of the largest joint state-federal settlement in history, the National Association of Attorneys General announced today that the nation's five largest mortgage servicers -- Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup, Inc., and Ally Financial -- have... Continue Reading »