Mortgage News

The Obama administration may need to redouble its efforts at supporting the U.S. housing market.

U.S. home sellers cut the prices of their properties by a total of $27.1 billion as the recession and rising foreclosures curtailed demand, Trulia Inc.

There was one more failed bank this week on July 10, 2009 - Bank of Wyoming, Thermopolis, Wyoming. 2009 has now seen a total of 28 more failed banks than occurred for all of 2008. The latest banking closure by the FDIC brings total banking failures for 2009 to 53.

Many borrowers are not getting help under president's modification or refinancing plan.

The Manhattan district attorney indicted 13 suspects and a mortgage company on Wednesday for running a $100 million mortgage fraud, in which they allegedly fooled banks into financing sham sales.

The new enthusiasm for government regulation of the financial sector often rests on a double standard that sees markets as fever swamps of irrationalism and government as the well of refreshingly rational guidance.

But while open houses are promoted as a great way of finding a buyer, a National Association of Realtors study found that their success rate is a mere 2 to 4 percent.

Mortgage rates in the U.S. fell for a second consecutive week, easing concern that a Federal Reserve plan to lower the cost of home loans had lost momentum.

The Treasury, Federal Reserve and the FDIC today released a joint statement on the plan to buy troubled bank assets under the Public-Private Investment Program. Nine chosen money management firms will purchase as much as $40 billion in troubled bank assets using mostly taxpayer money. The goal of the PPIP is to hasten recovery of the banking ...

The volume of mortgage applications filed last week rose a seasonally adjusted 10.9% from the week before, reflecting an uptick in refinancings, the Mortgage Bankers Association reported Wednesday.

The federal tide of red ink is frustrating an effort to help homeowners at risk of foreclosure.

Consumers trimmed borrowing in May for the fourth straight month as the recession took another bite out of investments and drove unemployment higher.

The chairman of the House Financial Services Committee is throwing his weight behind President Barack Obama's plan to create a government agency to protect consumers from risky mortgages and credit cards, although some of his colleagues are skeptical of the details.

House prices have returned to 2004 levels after a drop in prices last month, Britain's biggest mortgage lender has disclosed.

North Carolina officials have revoked the license of a mortgage lender and levied heavy fines on the company for using shell companies and fictitious names to avoid state regulation.

WASHINGTON - A government plan designed to rid banks' books of the troubled assets that exacerbated the financial crisis will do little to address a fundamental weakness of the industry or the broader economy, analysts say.

Despite massive government efforts to bolster the credit market, banks are pulling back severely on card lending.

Kansas' attorney general has launched a campaign against mortgage fraud that includes lawsuits against five companies.

Although the mortgage lending crisis put a serious squeeze on the housing market, the situation has also produced attractive low borrowing rates for prospective home buyers who can qualify for a mortgage.

The Reserve Bank left interest rates at record lows for a third straight month but indicated it has room to make further cuts if necessary.