In Nevada, home foreclosures have jumped 137 percent compared to a year ago. While the situation in the heartland isn’t nearly as drastic, one bank is reaching out to homeowners in a financial crunch.
The troubling winds of the swinging and unsteady housing market are hitting retiree Pat Yutesler hard. “I’ve had my house on the [...]
Wells Fargo reported $1.64 billion in profit for the three months ending Sept. 30, 25 percent less than it earned a year ago.
The bank took a hit from investments in failing financial institutions such as Fannie Mae, Freddie Mac and Lehman Brothers, but it managed to increase its capital reserves for potential loan losses as [...]
During October, amid the hubbub surrounding the U.S. government’s financial rescue plan, the government put into effect an element of economic rescue designed to help homeowners struggling with their mortgages. The intent of the “Hope for Homeowners” plan is to help homeowners who are at risk of losing their homes, while also working to stabilize [...]
Democrat Barack Obama told a campaign audience Thursday that Republican John McCain’s mortgage buyout plan would cost taxpayers billions of dollars and reward bad behavior by lenders.
Speaking in Dayton as he started a two-day bus tour of hotly contested Ohio, Obama said McCain’s plan would force the government to absorb the full cost of renegotiating [...]
The Federal Housing Administration has grown so large that by the end of the year it will guarantee mortgages for three in 10 U.S. borrowers, many of whom have bad credit or loans that required no verification of income.
Congress wants FHA to do more. The Hope for Homeowners program, unveiled Oct. 1, authorizes the agency, [...]
The economic crisis has spread into many areas of the U.S. economy–banks, investment firms, insurance companies, and even the oil markets. But experts seem to agree that the trouble started with bad loans in the housing industry, and grew into a widespread crisis of confidence.
Gus Faucher, the Director of Macroeconomics at the economic website [...]
The federal seizure of mortgage backers Fannie Mae and Freddie Mac on Sunday was a historic move that will affect every American community, experts say.In Loveland, the changes will be most notable in the housing and investment markets.
Freddie Mac and Fannie Mae, which guarantee or hold about half of the nation’s mortgage debt, have [...]
Most borrowers never come into contact with mortgage finance giants Fannie Mae and Freddie Mac. That’s because the companies work with lenders rather than consumers.
Nevertheless, Fannie and Freddie play an essential role in the mortgage industry and the economy in general. Here are answers to some basic questions about these companies and your stake in [...]
As home prices continue to decline and loan defaults mount, U.S. regulators are bracing for dozens of American banks to fail over the next year.
But after a large mortgage lender in California collapsed late Friday, Wall Street analysts began posing two crucial questions: Just how many banks might falter? And, more urgently, which one could [...]
The nation’s two largest secondary mortgage corporations, Fannie Mae and Freddie Mac, say they’ll stop buying subprime mortgages in New York State. Banks lending in New York will have to change their mortgage origination systems to reflect Fannie Mae and Freddie Mac’s exit from subprime lending in the state. It is unclear yet how onerous [...]