Posts with tag mortgage crisis

A majority of the largest metropolitan areas in the U.S. recently received good news on the mortgage front, as foreclosures dropped in the third quarter. Home seizure activity slumped on an annual basis in 62 percent of the nation's 212 largest population centers during the period, according to the latest data from the... Continue Reading »

By Marcy Gordon WASHINGTON -- Government-controlled mortgage giant Freddie Mac posted net income of $1.2 billion for the second quarter and isn't requesting any additional federal aid for the period. The government rescued Freddie and larger sibling Fannie Mae in September 2008 after massive losses on risky mortgages... Continue Reading »

SAN FRANCISCO -- California's attorney general filed lawsuits against mortgage giants Fannie Mae and Freddie Mac on Tuesday, demanding that the companies that own some 60 percent of the state's mortgages respond to questions in a state investigation. Attorney General Kamala Harris, whose office filed the lawsuits in San... Continue Reading »

NEW YORK -- The Securities and Exchange Commission charged six former executives of Fannie Mae and Freddie Mac with securities fraud on Friday for misrepresenting their holdings of high-risk mortgage loans. The SEC is targeting three former executives of Freddie Mac, including chief executive officer Daniel Mudd, chief... Continue Reading »

California expanded its $2 billion program to help homeowners avoid foreclosure to those with second homes as well. The California Housing Finance Agency established the four Keep Your Home programs using money from the Treasury Department's $7.6 billion Hardest Hit Fund. Before, borrowers were restricted from... Continue Reading »

WASHINGTON -- Mortgage giant Fannie Mae is asking the federal government for $7.8 billion in aid to cover its losses in the July-September quarter. The government-controlled company said Tuesday that it lost $7.6 billion in the third quarter. Low mortgage rates reduced profits and declining home prices caused more... Continue Reading »

WASHINGTON -- Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter. Freddie Mac said Thursday that it lost $6 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in... Continue Reading »

While the Obama administration may be pondering the idea of helping underwater homeowners through principal write-downs, Federal Housing Finance Agency Director Edward DeMarco said there is no current consideration for principal write-downs on underwater home loans. DeMarco told C-SPAN in an interview that the FHFA has... Continue Reading »

The housing market faces several more years with 800,000 to 1 million new foreclosed properties per year, according to Rick Sharga, an executive vice president with Carrington Mortgage Services. Sharga recently left RealtyTrac, where he helped build a network that tracked foreclosure filings across the country.... Continue Reading »

By S. Mitra Kalita The foreclosure crisis may be making Americans sick. A study published online yesterday in the American Journal of Public Health surveyed nearly 2,500 homeowners over the age of 50 who were asked if they had fallen more than two months behind on their mortgage payments since 2006. Of those who had,... Continue Reading »

By Laura Rowley Losing your home to foreclosure is traumatic, no doubt. And for a variety of reasons--from internal bank bureaucracy and missteps to slow-moving government programs--the pain can stretch out for months. It takes an average of 336 days for a home to move through the foreclosure process, from the first day... Continue Reading »

Fox Business has learned that the potential $20 billion settlement by the big banks over improper foreclosure practices may be announced as early as this week. In the video below, reporter Elizabeth MacDonald explains how the deal -- which she likens to the BP oil-spill relief fund -- would work. Continue Reading »

WASHINGTON -- For the third consecutive month, the Obama administration's signature housing help plan posted the lowest numbers of preliminary mortgage modifications since the program's start in the spring of 2009. Just 13,000 homeowners received initial mortgage modifications from the Home Affordable Modification Program... Continue Reading »

In the conventional wisdom, there is nothing President Obama can do to put Americans back to work in large numbers. He is a president supposedly held hostage by vengeful politics, holed up in a White House surrounded by lunatics and impotent hacks, with congressional combat rendering meaningful action... Continue Reading »

The Obama administration announced more disappointing numbers for its signature anti-foreclosure initiative and said Thursday that it would continue to withhold payments from two banks running the program. Just 14,000 homeowners received trial modifications under the Home Affordable Modification Program in July, the... Continue Reading »