Mortgage News

Reuters Posted: Saturday, Nov 07, 2009 at 1524 hrs IST Updated: Saturday, Nov 07, 2009 at 1524 hrs IST New York: Freddie Mac, the second largest provider of US residential mortgage funding, on Friday posted a loss of $5 billion in the third quarter and predicted it would need more government support amid a "prolonged deterioration" in housing.

Key Democratic lawmakers are threatening to dismantle the Obama administration's plans to place the Federal Reserve at the heart of efforts to overhaul the financial regulatory system

Regulators closed 5 additional failed banks today. The largest failed bank of the week was United Commercial Bank, San Francisco, CA which had $11.2 billion in assets. United Commercial was the 4th largest banking failure this year in terms of total assets and the fifth largest in terms of total loss to the FDIC.

Its TV and print ads poke fun at the bait-and-switch tactics of other banks. Its interest rates on CDs have been the most generous in the industry.

For months he had warned it was coming but that didn't ease the political shockwaves for President Barack Obama when unemployment topped 10 percent.

US state-controlled mortgage lender Fannie Mae posted another multibillion-dollar quarterly loss and said it needed an additional $US15 billion in taxpayer funds.

Consumers likely reduced their borrowing for an eighth straight month in September, as layoffs continue and credit remains tight.

The mortgage giant's move is part of an attempt by lenders to keep a wave of foreclosed properties from slamming a housing market that has shown some signs of recovery.

Ohio Attorney General Richard Cordray and a mortgage servicing company filed dueling lawsuits Thursday over state allegations that the firm misled and gouged borrowers while restructuring their loans.

It's a scary time to be a recent college graduate. Jobs are scarce and many grads are sitting on mountains of debt.

The Bank of England's injection of 175 billion pounds into the economy hasn't yet pulled Britain out of recession, and the central bank now faces a difficult decision on whether to raise the stakes.

A half-renovated Victorian era home is offered for sale in the Angelino Heights neighborhood.

In the following press release Michigan Attorney General Mike Cox today announced that his office has filed charges against a Wyoming, MI woman accused of defrauding the Michigan State Housing Development Authority by fraudulently obtaining a mortgage, defaulting on that mortgage and leaving taxpayers to pick up the ta b. Maria Antonia Franks ...

The US Federal Reserve tonight expressed growing confidence that an economic recovery was building, even though it stuck to its commitment to keep borrowing costs near zero for 'an extended period'. As expected, the Fed kept its benchmark federal funds rate unchanged in a range of zero to 0.25%, and said the US economy had 'continued to pick up' ...

GMAC Financial Services, the main lender for General Motors Co. and Chrysler Group LLC, said Wednesday its loss narrowed to $767 million in the third quarter, as its auto lending unit made money while its home mortgage unit reported another loss.

Nationalised Northern Rock has said that it expected a "significant improvement" in second-half trading as growth in mortgage arrears slowed.

Faced with lurking dangers to the budding recovery, Federal Reserve policymakers are sure to leave a key interest rate at a record low to entice Americans to spend more and help the economic turnaround gain traction.

Fannie Mae and Freddie Mac refinanced more than 3.5 million mortgage loans in 2009 through September of this year.

The bank said there is room for 'cautious optimism' Northern Bank has reported a loss of 7.5m for the third quarter of 2009.