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.
No drugs. No guns. No dogfighting. The 40 officers on the scene — from the Chicago Police Department Animal Crimes Unit, two SWAT teams and the Cook County Sheriff's Department — left. The raid was over. For the Harris family, however, the s
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.
I came across an interesting real estate deal the other day here in Manila. It was for a tiny, one bedroom condo of 45 square meters (just under 500 square feet).
Regulators are nearing a settlement with Fannie Mae and Freddie Mac over whether the mortgage finance giants adequately disclosed their exposure to risky subprime loans, would include no monetary penalty or admission of fraud,
“But there’s no law that says that real estate has to stick to its trend-line. Or more specifically, that it just goes back to the trend-line and stops there. If it can go way over trend, it can also go way under trend. And that’s what I think we’re
At a minimum, this ruling makes foreclosures in Florida more costly. It may create insurmountable hurdles in many cases.
Norway's Government Pension Fund, which is another name for its Sovereign Wealth Fund, has just announced it is suing Bank of America for mortgage fraud. Not only that but it is also going after Countrywide, obviously...
The Phoenix area's median home price is likely to fall to a decade low of $100,000 in November, according to a predictive indicator of future home prices based on current pending home sales.
By suing 131 individuals in its effort to recover losses on $200 billion of mortgage debt that went sour, the federal agency overseeing mortgage giants Fannie Mae and Freddie Mac is doing one thing that the government has largely left alone. It is
The talks aim to settle allegations that banks including Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, seized the homes of delinquent borrowers and broke state laws by employing so-called "robosigners," workers who signe
According to five people with direct knowledge of the discussions, state prosecutors have proposed settlement language in the “robosigning” case that also might release the companies from legal liability for wrongful securitization practices.
What's it like to be the guy that literally has to go into people's houses, and tell them that they've been foreclosed on, and that they need to leave?
Indeed it is a disaster. Oh, and who holds those RMBS? Pension funds of various sorts, including traditional pension holders and insurance companies that use them as the base for annuities, in the main, as their relatively long duration...
On Friday, the Federal Housing Finance Agency filed suit against 17 banks and over 130 executives for their involvement in selling mortgage securities to Fannie Mae and Freddie Mac that later soured.
So to sum up: first the taxpayers were asked to save Freddie and Fannie, then they were asked to save the banks, now when it is politically expedient to do so, the first entity which is still being saved is suing the second...
As hard as it may seem to believe, the largest mortgage servicers are still fabricating documents for use in foreclosures.
Standard & Poor's is set to slap a coveted AAA rating on a set of bonds tied to mortgages given to homeowners with below-average credit scores and almost no equity in their properties,
Counties across the United States are discovering that illegal or questionable mortgage paperwork is far more widespread than thought, tainting the deeds of tens of thousands of homes dating to the late 1990s.
Put it another way: what about the Statute of Frauds don’t you understand? And while some judges have sided with banks, the robosigning scandal and greater media coverage of mortgage abuses has led many jurists to be much less bank...
The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the
Goldman Sachs and two other firms have agreed with the New York banking regulator to end the practice known as robo-signing, in which bank employees signed foreclosure documents without reviewing case files as required by law, the Wall Street Journal
In a move that could either send BAC stock limit down overnight or send it soaring (we are still trying to figure out just what is going on here), the NYT has broken major news that the US is preparing to go nuclear on more than a dozen big...