Attorney General Terry Goddard announced a multi-state settlement with Countrywide Financial Corp. Monday, relating to the company’s alleged use of deceptive practices in their mortgage lending business.
According to the settlement, Bank of America, which acquired Countrywide Financial on July 1, 2008, agreed to develop a loan modification program for up to 397,000 borrowers nationwide. The [...]

More than 120,000 struggling California homeowners could see their monthly mortgage payments lowered after Bank of America Corp. agreed to provide $3.5 billion in loan and foreclosure relief to settle lawsuits it inherited with its takeover of Countrywide Financial Corp.
The pact stems from cases filed earlier this year by California and other states, alleging Countrywide, [...]

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 Bush administration’s pledge to rescue ailing housing finance giants Fannie Mae and Freddie Mac raises anew questions about just when the nation’s dismal housing market will hit bottom.
Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson have suggested over the past year that an end is in sight. But with each prediction, things [...]

As voters across the country prepare to head to the polls in November, questions about subprime lending and the solutions to our current housing troubles are coming to the top of the nation’s mind. Do these plans make sense? Are they feasible? Who will pay for them? What will be their long-term consequences?

Fighting Foreclosure
Obama wants [...]

In its latest effort to deal with the fallout from the subprime-credit crisis, Freddie Mac said it won’t purchase subprime mortgages secured by properties in New York state with note dates on or after Sept. 1.
The move is Freddie Mac’s response to recent New York legislation, effective Sept. 1, that creates a new category of [...]

Fannie Mae, the largest U.S. mortgage-finance company, reported a $2.3 billion loss for its second quarter, as credit costs swelled to $5.3 billion stemming from higher loan loss provisions and charge-offs amid challenging conditions in the housing and mortgage markets. The company also trimmed its quarterly dividend. Shares of the company were trading down more [...]