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The regulator for Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) told lawmakers that forcing the government-controlled mortgage firms to write down the principal on underwater home loans would require more than $100 billion in fresh taxpayer funds.
When Mitt Romney swept into the contentious battleground state of Florida on Sunday, the first local issue he raised was the nation’s mortgage foreclosure crisis, which is arguably at its worst here, from this city on the northern coast to the ghost-
In a continuation of a sorry tradition of badly biased thinking and superficial reporting, it appears that the narratives from the ideological media about the housing collapse and corresponding financial meltdown have been incomplete.
Camera crews were there as painters came onto a Phoenix man's property to paint over the graffiti he'd put on his garage. It said "B of A stole my home." Or at least it used to. And you may be shocked to find out who hired the painters.
We recall showing the Robert Shiller chart to many of our friends, warning of a massive bubble and potential economic collapse. They wouldn’t hear any of it. We luckily sold our ocean view house in late 2004/early 2005 and have been happy renters e
Four years after the banking system nearly collapsed from reckless mortgage lending, federal prosecutors have stayed on the sidelines, even as judges around the country are pointing fingers at possible wrongdoing.
Data on sales of previously owned U.S. homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought.
Data on sales of previously owned U.S. homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought.
The bank appears to have tried to settle with the consumer to moot the case. That settlement may have mooted the underlying legal controversy but whether a fraud was committed upon the court is and should be an entirely separate matter.
Massachusetts sued five major banks Thursday over deceptive foreclosure practices such as the “robo-signing” of documents, potentially undermining negotiations between lenders and state prosecutors across the nation over the same issue.
Nevada attorney general indicted two midlevel staffers at a mortgage document company, Lender Processing Services, on 606 counts of felony and gross misdemeanor for directing employees to forge signatures and falsely notarize documents used to illega
The 606-count indictment alleges that the two title officers, Gary Trafford and Gerri Sheppard, directed employees under their supervision to forge their names on foreclosure documents, then notarize the forged signatures, so that it appeared that th
Mortgage finance giants Fannie Mae and Freddie Mac received the biggest federal bailout of the financial crisis. And nearly $100 million of those tax dollars went to lucrative pay packages for top executives, filings show.
...TO PROMOTE SMARTER AND SUSTAINABLE PLANNING FOR JOBS AND ECONOMIC GROWTH
After staying put during the economic recession, you might be tempted by stabilizing real estate prices and low mortgage interest rates to sell your house and buy your next place. What you may not realize is how long and complicated the process of bu
Oct. 25 (Bloomberg) -- Home prices in 20 U.S. cities dropped more than forecast in August, highlighting one of the obstacles facing the economic recovery in its third year.
Russia is planning to further it's reach in the Arctic circle, according to a statement from Vladimir Putin's website. The country has already made a bold appeal to the UN to annex some 380,000 square miles of Arctic seabed due to the existence of oi
Today's adjustment to the government's HARP program to get anything with a pulse as close to the discount window as possible was not the only proposal to revive the moribund US housing market.
NEW YORK—Morgan Stanley agreed to sell Saxon Mortgage Services, its mortgage-servicing unit, to Ocwen Financial Corp., in a long-awaited deal that ends the investment bank's foray into subprime-mortgage servicing.
As the housing market began its collapse, Wall Street firms and sophisticated investors searched for ways to profit. Some of them found an easy method: Stuff a portfolio with risky mortgage-related investments, sell it to unsuspecting customers and b
Attorney General Tom Miller of Iowa, who is leading the whitewash once known as the 50 state attorney mortgage settlement negotiations (7 have defected), reliably, every few weeks, has gotten word to the media that a deal is weeks away.
banks would get broad legal immunity from state lawsuits in exchange for refinancing underwater loans, those mortgages where borrowers owe more than their homes are worth, the sources said.
Alan Greenspan went on CNBC and suggested that burning down all the empty houses would turn around the housing market. CNBC then interviewed an analyst who agreed with this government backed solution.
The sight of excavators tearing down vacant buildings has become common in this foreclosure-ravaged city, where the housing crisis hit early and hard. But the story behind the recent wave of demolitions is novel — and cities around the country are ta
The American dream of homeownership has felt its biggest drop since the Great Depression, according to new 2010 census figures released Thursday. The analysis by the Census Bureau found the homeownership rate fell to 65.1 percent last year.
Fannie Mae, the mortgage finance giant, learned as early as 2003 of extensive foreclosure abuses among the law firms it had hired to remove troubled borrowers from their homes. But the company did little to correct the firms’ practices, according to
The number of homeowners behind on their mortgages increased during the second quarter of the year, even as the number of struggling borrowers who received help with their loans decreased by nearly 20 percent, according to a government report release
Okay, I got the feedback. You want to hear about solutions to the nation’s problems instead of just hearing about the problems. Well, here goes.
Lower interest rates don't automatically mean cheaper mortgages.
Back in May, I posted an article on Minyanville asserting that all-cash buyers have kept several major housing markets from collapsing.
