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Key provisions of a Federal Reserve plan to protect home buyers from shady lending practices:
Critics contend that former Federal Reserve Chairman Alan Greenspan pursued interest-rate policies that led to a speculative housing bubble while failing to use the Fed's regulatory powers to crack down on abusive mortgage lending practices. The following are comments Greenspan has made on housing and mortgages.
The Federal Reserve moved Tuesday to protect home buyers from dubious lending practices, its most sweeping response to a mortgage meltdown that has forced record numbers of people from their homes.
People taking out home mortgages may gain new protections soon against shady lending practices as the Federal Reserve seeks to back even the riskiest borrowers, already hit hardest by the housing and credit crunches.
The national surge in mortgage defaults is claiming more victims than just the thousands of subprime borrowers facing the prospect of losing their homes.
Last week’s White House plan to freeze some adjustable mortgages to slow the rising pace of foreclosures seem to raise as many reader questions as it answered. There’s a lot of confusion about just who is covered and who isn’t. And many readers are wondering: Just what’s all this going to cost?
Major details of the plan announced Thursday by the Bush administration to provide a five-year freeze on mortgage rates for borrowers facing the threat of default on subprime mortgages. Those are loans to people with spotty credit histories.
Be ready to wait if you want to get information from a toll-free hot line about freezing the interest rate on your subprime mortgage.
President Bush acknowledges it's "no perfect solution." Treasury Secretary Henry Paulson says it's "no silver bullet."
Transcript of President Bush's remarks Thursday announcing a plan to help strapped homeowners whose low introductory mortgage interest rates are scheduled to rise. After Bush spoke, the White House released a corrected telephone number for homeowners to call: 1-888-995-HOPE.
Hundreds of thousands of strapped homeowners could get some relief from a plan negotiated by the Bush administration to freeze interest rates on subprime mortgages that are scheduled to rise in the coming months.
With some two million homeowners facing higher monthly payments that many won’t be able to afford, conditions in the housing industry easily could get worse before they get better. A lot depends on how homeowners, lenders and investors respond as they try to head off defaults and foreclosures before they happen.
The Bush administration has come up with a plan to help strapped homeowners facing a daunting jump in their monthly mortgage payments. The proposal, reached in negotiations led by Treasury Secretary Henry Paulson with the mortgage industry, would freeze introductory "teaser" rates on subprime mortgages, preventing them from resetting to higher rates for five years.
Like a lot of Americans, Anne Violette is having trouble with her mortgage.
Treasury Secretary Henry Paulson said Monday an agreement was near on a proposal to help thousands of at-risk homeowners avoid foreclosures by temporarily freezing their mortgage rates.
The news from the American housing market seems likely to get worse before it gets better. That has some would-be home sellers wondering: should I sell my house now, before the market gets worse? Or wait until next year hoping it will get better? And just what caused this housing slump to begin with?
An alliance created to combat a rising flood of mortgage foreclosures began a nationwide mail campaign Monday, offering help to homeowners who may be having trouble meeting their mortgage payments.
Checking to see which bank is revealing billion-dollar losses in its portfolio has become something of a daily routine on Wall Street. On Thursday, traders fretted about Barclays' multibillion dollar write-down over their morning coffee.
As the housing market crumbles, homeowners are worried about mortgage payments and sellers are worried about slumping prices — but the companies that insure their loans are worrying about their very survival in the face of billions of dollars in claims.
More banks have tightened lending standards on home mortgages, the Federal Reserve said Monday in the latest sign of fallout from a spreading credit crisis.
Bank of America Corp. is exiting the wholesale mortgage business and sending more executives packing as the nation's second-largest bank continues shaking up its operations following a dismal third quarter.
Doug Schock shook his head in disbelief while gazing at the empty bank of elevators, typically full as they shuttle thousands of buyers between dozens of showrooms filled with the latest styles in sofas, bedroom sets, and dining room tables and chairs.
Legislation to tighten federal oversight of the two biggest buyers of home mortgages, Fannie Mae and Freddie Mac, cleared the House Tuesday.
As home foreclosures mount, mortgage companies are knocking on doors, sending letters and making phone calls with a simple message for struggling homeowners: They'd rather modify your loan than foreclose.
Many avenues of redress to the major financial players have been cut off. This article describes some of the issues. The case that is mentioned at the end is STONERIDGE INVESTMENT V. SCIENTIFIC-ATLANTA, INC. ET AL. I did a piece on this a while back that you can find here.
From today's NYTimes articles This Is the Sound of a Bubble Bursting , and Officials Falling Behind on Mortgage Fraud Cases its easier to comprehend BBC's article on subprime …
This is a great source for New York mortgage rates
In 1896 William Jennings Bryan brough down the house with his Cross of Gold speech, in which he railed against the gold standard. Americans responded because many felt they had indeed been crucified upon a cross of gold by the bankers and the rich men of the east.
I just posted an article that relates to this issue about how Senator Schumer continues to ignore Wall Street's role in the current mortgage crisis.
Charles Schumer is at it again. On December 19, 2007 he presented "A Call to Action on the Subprime Mortgage Crises: Putting Common Sense Ahead of Ideology" to The Brookings Institution.
This is your open discussion... Lee Kendrick will be sharing alot of tips, tricks & tools in the credit, foreclosure, internet marketing, mortgage & real estate pages. But, this is also your chance to contribute by offering your advice, viewpoints, struggles & rants.
How involved should the real estate broker be in the Utah mortgage process? Probably recommendations only. Can't base future service on choice of mortgage company
The Bush administration's plan to slow the mortgage meltdown gave a lift to Wall Street. But on Hoss Ghitkammanee's street, the signs of hope are harder to find.
The world of mortgages has become a minefield. This is a short guide on how to avoid the mines!
I read construction funding, prematurely perhaps, as one of my first ever real estate books - and I loved it! The book takes the reader through several once-real-life scenarios and explains the construction process step by step.
Today, Senator Christopher Dodd introduced The Homeownership Preservation and Protection Act of 2007.
By Sandra Block, USA TODAY The biggest beneficiaries of the Federal Reserve Board's rate cut will be borrowers with adjustable-rate mortgages linked to one-year Treasury bills, says Greg McBride, senior financial analyst for Bankrate.com.
The biggest beneficiaries of the Federal Reserve Board's rate cut will be borrowers with adjustable-rate mortgages linked to one-year Treasury bills, says Greg McBride, senior financial analyst for Bankrate.com.
Lloyds TSB has revealed that losses from investments linked to the US sub-prime mortgage crisis will cost it £200m in the current financial year.
I would like to meet one person who this plan helps. I'd bet money that I could not find even one… this is simply some more BS to make it look like something is being done. Give me a break!
On the same day President Bush unveiled his answer to the nation's mortgage meltdown, Democratic candidate Hillary Clinton came up with a plan of her own.
Bush gave out the wrong phone number for the mortgage hotline: he said 800 instead of 888. The number he said in his speech is for the "Freedom Christian Academy — a Texas-based group that provides Christian education home schooling material." Honest mistake?
Here is the long awaited first official step in the bailout plan. I have written on this before here where you can find some details about why I think this risks destruction of the FHA MMI Fund and ultimately a taxpayer bailout.
The Bush administration's newly aggressive effort to help people facing foreclosure and shore up the troubled mortgage industry was sparked by growing concerns of an election-year recession, and the political damage that would cause, analysts said Tuesday.
Now she is unable to keep up with her rising house payments but has found it virtually impossible to work with the lender on a new payment plan.
After buying her childhood home from her mother's estate, Kari Sessa and husband, Keith, were in danger of losing the Huntington Station house until the lender agreed to a two-year extension of the 6.1 percent teaser interest rate on their loan.
A plan to freeze mortgage rates for troubled homeowners may help ease the U.S. housing crisis, but for wiser borrowers and those who have already lost their homes to foreclosure, such a plan seems unfair.
In Washington, Sacramento and the Inland Empire -- where 1 of every 43 residences has been subject to foreclosure -- officials Thursday offered money, legislation and ideas to help struggling homeowners stay in their homes and stop what critics charge are predatory lending practi …
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