Amidst all the chaos surrounding the $700 billion Wall Street bailout plan, the federal government's other housing rescue program quietly opened for business Wednesday.
A few tents cropped up hard by the railroad tracks, pitched by men left with nowhere to go once the emergency winter shelter closed for the summer.
A decades-old solution to housing low income Americans may find itself depleted as landlords choose to opt out of it
Following the government takeover, a range of new programs are on the way for homeowners who can't afford their mortgages
Last year, borrowers took out more than 132,000 reverse mortgages - 50% more than the year before and almost 10 times as many as five years ago. Such loans, as you may already know, allow you to draw down your home equity if you're 62 or older without repaying it as long as you stay in your house.
City officials and community activists can't wait to get their hands on nearly $4 billion the federal government is about to inject into blighted neighborhoods suffering from record foreclosures.
A new report suggests that the government is making great strides in reducing the problem. But that depends on your meaning of the word homeless
A bill to help struggling homeowners is waiting to be signed by the President. Here are some top tips on how this bill can help you.
Mortgage brokers and loan officers are getting paid fat fees by lenders to put unsuspecting borrowers into expensive loans. And the new lending rules issued last week by the Federal Reserve do nothing to stop this abusive practice.
Interest rates on 30 year mortgages are above 6% - their highest levels since March. Is the end of low interest rates on the horizon? Here are some top tips on what you need to know if you want to refinance.
Amidst all the chaos surrounding the $700 billion Wall Street bailout plan, the federal government's other housing rescue program quietly opened for business Wednesday.
A few tents cropped up hard by the railroad tracks, pitched by men left with nowhere to go once the emergency winter shelter closed for the summer.
A decades-old solution to housing low income Americans may find itself depleted as landlords choose to opt out of it
Following the government takeover, a range of new programs are on the way for homeowners who can't afford their mortgages
Last year, borrowers took out more than 132,000 reverse mortgages - 50% more than the year before and almost 10 times as many as five years ago. Such loans, as you may already know, allow you to draw down your home equity if you're 62 or older without repaying it as long as you stay in your house.
City officials and community activists can't wait to get their hands on nearly $4 billion the federal government is about to inject into blighted neighborhoods suffering from record foreclosures.
A new report suggests that the government is making great strides in reducing the problem. But that depends on your meaning of the word homeless
A bill to help struggling homeowners is waiting to be signed by the President. Here are some top tips on how this bill can help you.
Mortgage brokers and loan officers are getting paid fat fees by lenders to put unsuspecting borrowers into expensive loans. And the new lending rules issued last week by the Federal Reserve do nothing to stop this abusive practice.
Interest rates on 30 year mortgages are above 6% - their highest levels since March. Is the end of low interest rates on the horizon? Here are some top tips on what you need to know if you want to refinance.
On Capitol Hill this week, lawmakers are set to continue to grapple with the best response to the rising tide of home foreclosures. But the Bush administration says it has a solution in place: A nine-month old mortgage refinancing program run by the Federal Housing Administration.
While Congress grapples with how to help troubled homeowners, the Bush administration is expanding a more modest effort to help at-risk borrowers.
Can a couple coats of paint, some spackle and $15 billion keep foreclosed homes from bringing down the home market?
President Bush on Friday chose SBA Administrator Steve Preston to lead the government's housing agency at a time of crisis in the industry, praising him as a skilled manager
Housing counselors are often the last and best line of defense for borrowers facing foreclosure, and the $15 billion housing rescue bill now before the Senate allocates $100 million for foreclosure prevention counseling.
Housing and Urban Development Secretary Alphonso Jackson resigned Monday, amid multiple ethics investigations and criticism from top lawmakers.
Mortgage costs just got cheaper for buyers in high-cost areas.
Federal Reserve Chairman Ben Bernanke took to the podium yesterday, outlining the need for lenders to keep troubled borrowers in their home. Here's what it means to you and how to take action.
The biggest investment Key Largo, Florida, homeowners John Hammerstrom and Diane Marshall made toward energy efficiency in their eco-friendly home is the 2.8-kilowatt Kyocera solar panel system that adorns their rooftop.
Foreclosures in your neighborhood affect your home's value even if you've been paying your mortgage on time.
Dear FSB: I manufacture custom gable-end vents and am experiencing a lot of down time with the housing slump. I'm looking for a business idea that will offset my lost business. I've toyed with the idea of building small craft crates with scrap wood from my vents. I've also considered starting a coffee shop or deli, but don't know where to begin and don't see much need for one in the town where I live.
Delinquent borrowers face a dizzying array of options when it comes to saving their homes.
After President Bush's announcement of a plan to ease the foreclosure crisis Thursday, a national hotline to help borrowers facing foreclosure has been inundated with calls, an official of the group that operates the counseling hotline said Friday.
One government response to the subprime mortgage crisis is up and running and on track to help a significant number of borrowers avoid losing their homes.
The U.S. government is working hard to give relief to struggling mortgage holders, Treasury Secretary Henry Paulson said Monday.
Foreclosures can affect the value of your property even if you've been paying your mortgage faithfully. Here are some ways you can protect your home's worth if your area is hit hard by foreclosures.
Foreclosure worries aren't exclusive to homeowners. Renters are also in danger of losing their homes if their landlord goes into foreclosure. Here's what you need to know.
As the nation's largest home lender and subprime debt collector, Countrywide has been the No. 1 whipping post of the mortgage crisis.
Organizations approved by the Department of Housing and Urban Development (HUD) have helped homeowners for years, but their phones are ringing like never before.
Question 1: Will the lower rate affect the interest rate the credit card company charges me? - Kim, TX
American Home Mortgage filed for Chapter 11 bankruptcy protection this week. Mortgage banking company Homebanc announced it will shutter its doors. Other mortgage lenders are also sending out distress signals. Here's what you need to know if your mortgage lender goes out of business.
American Home Mortgage filed for Chapter 11 bankruptcy this week. And mortgage banking company Homebanc announced it will shutter its doors. Other mortgage lenders are also sending out distress signals.
When my husband and I took out a mortgage a few years ago, our mortgage broker assured us that no matter which product we chose, we didn't have to worry. If we decided we didn't like the loan in a few years, we could simply swap it for a new one. Nowadays a lot of borrowers with adjustable-rate and interest-only loans are facing rate resets and would love to swap out of trouble. But despite low interest rates and plenty of competition among lenders, would-be refinancers are finding it anything but easy to get new loans. Here's why.
A number of subprime mortgage lending companies are taking a hit to their profits or facing bankruptcy. Here's what you need to know if your mortgage lender goes out of business.
Regardless of the state of the housing market, Americans will always cling to the foreclosure dream - to buy that dream home for pennies on the dollar.
A man who pulled a hoax on Louisiana officials and 1,000 contractors by presenting himself as a federal housing official said Monday he intended to focus attention on a lack of affordable housing.
Who says there are no deals left in real estate? Government Web sites sell homes all over the country and many of them qualify as real bargains.
Housing Secretary Alphonso Jackson apologized Wednesday for telling a business forum in Dallas, Texas, he had spiked a contract bid of a critic of President Bush.
We own our home outright and are virtually debt-free. My son thinks we should take out a reverse mortgage on our house and enjoy the fruits of our labor even more. Does that make sense to you?
The real problem in real estate transaction costs is greater than what's happening on Aquila Lane.
Small fortunes have been made during the past few years by investing in rapidly rising real estate...buy, rent out, flip, repeat. But now stagnating home prices and a bad rental market threaten to end that -- and put the holdings of small landlords in jeopardy.
If your nest egg isn't big enough to support the retirement lifestyle you aspire to, you may be sitting on a valuable asset that can help you bridge the financial gap: your house. Buoyed by the 65%...
If your nest egg isn't big enough to support the retirement lifestyle you aspire to, you may be sitting on a valuable asset that can help you bridge the financial gap: your house.
This article originally ran in December 2003 and has been updated.
Even as the jobs picture slowly improves - the unemployment rate fell to 5.2 percent in January - career seekers should still focus in on its brightest parts. Many fields are likely to grow, even if employment markets stagnate.
Last month StartupNation, a radio talk show aimed at small business, reached an industry landmark when it entered its 50th broadcast market. StartupNation's founders, Jeff and Rich Sloan, are no or...
Predatory lending can take many forms -- from pushing unjustifiably expensive loans on consumers to charging excessive fees for lending services.
Not everyone is getting rich off of real estate: The number of foreclosed properties in many parts of the country is increasing, according to data tracked by Foreclosure.com.
Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.
More than 4 million sites provide free advice, but up-to-date listings will cost you. In general, stay away from sites that don't offer free trials. --CAROLYN BIGDA
FORECLOSURES Buying houses that have been seized by lenders is a popular way to invest in real estate. It can be profitable--but it's not easy
You can say one thing about the housing boom: Prices may have been sky high, but at least mortgage rates were low. Now that one bright spot is disappearing. Already, rates are well off their lows and experts say they will move even higher.
With mortgage rates still as low as they are, financing a house is dirt cheap these days, right?
So, you think rocket science is difficult? Try understanding the mortgage settlement process.
The Census Bureau says home ownership is at record high with nearly 69 percent of all Americans owning their own home.
BEND, Ore. (CNN/Money) - Clearance! The Department of Housing and Urban Development (HUD) is liquidating 4,000 of its foreclosed properties in a special two-day auction at the end of February. Everything must go!
BEND, Ore. (CNN/Money) - Terri Moloney, a real estate agent in Gastonia, N.C., used to sell a couple of foreclosed properties a year.
Congress passed an important bill in October regarding publicly subsidized housing for the poor. You'll remember this, of course, from the banner headlines, heated debates on radio call-in shows, a...
Reverse mortgages certainly do sound like an enticing option for many older homeowners--and that's been part of the problem. Sorting out the details of these complex loans--which aren't traditional...
The heated-up housing market may affect not only the size of your down payment but also another big sum you'll owe when you buy a home--the escrow account lenders make you fund to cover property ta...
Here's a way to get a wedding present you can really use: In a little-known program offered by at least three dozen banks nationwide--including Fleet Mortgage (888-466-3353) and PNC Mortgage (800-4...
Q. I bought a condominium several years ago for $92,000. When I needed more space, I decided to rent it out and buy another house. Unfortunately, the real estate market sank, and I now owe $85,000 ...
Lately, more and more older home- owners are turning to reverse mortgages to supplement their retirement income. Think of a reverse mortgage as a spigot that allows you to pour your home equity int...
Q. I established a Uniform Gifts to Minors Account (UGMA) at a mutual fund for college savings for my daughter. Now my wife and I just had twin boys, and I want to start saving for them too. But in...
APPLYING FOR A MORTGAGE CAN BE AN exercise in intimidation. You open your financial records to a stranger who has the power to deny you the money for your dream house. Then at closing, the document...
Although mortgage rates are climbing, one cost of home ownership is scheduled to drop this spring--on April 24, to be exact. That's the effective date for new rules standardizing how lenders must c...
-- Herewith a few things one has learned as a result of looking into the Federal Aviation Administration's suddenly infamous sensitivity training program, which the American people learned about on...
We recently ran an ''Only in America'' item about various phrases (e.g., ''walk-in closet'') now viewed as verboten in real-estate ads because they might violate federal or state fair-housing legis...
Always at the forefront when it comes to incredible public policy initiatives, New York's state and city governments are now pioneering a program that locals are hailing as a beacon for all concern...
You probably know that racial minorities are often victims of bias by mortgage lenders (see Banking Scorecard, April 1993). But it turns out that women and young adults face plenty of prejudice too...
Some mortgage seekers face a special hurdle: racial bias. According to studies by the Federal Reserve and others, minority applicants are turned down two to four times more often than whites. The J...
With a parting shot aimed straight at home buyers' pocketbooks, outgoing U.S. Department of Housing and Urban Development Secretary Jack Kemp has issued new guidelines that could cost you thousands...
That term in the headline has been on your servant's mind lately, for two reasons. One is that he has finally mastered the word processor's so-called redlining feature, which lets you print out rev...
One day back in the golden 1950s, when a juvenile version of the present writer was learning the ropes at FORTUNE, he found himself at a staff meeting called to discuss conflicts of interest. Eons ...
In the mid-1980s, homeowners trembled over the health risks posed by radon, the odorless cancer-causing gas that the Environmental Protection Agency estimates is found in unhealthful concentrations...
Sniff out bargains in government-repossessed homes by phoning the Resolution Trust Corporation (800-782-3006), which controls 19,000 single-family houses and condos; or get in touch with your local...
Some critics of price-level adjusted mortgages (PLAMs) ((Mail: A Caution from Kemp, July)) are alarmed because nominal payments can seem quite high if inflation accelerates. In real terms, however,...
In the February Money Helps column, it was suggested that perhaps I am too busy cleaning up HUD to approve the Federal Housing Administration insuring PLAMs (price-level adjusted mortgages), which ...
What has gone before: The U.S. Department of Housing and Urban Development is rocked by scandal. It seems that ''influence peddlers'' have actually exerted influence on certain HUD decisions. Led b...
THE SIEGE BEGINS just before 9 A.M. on a sunny Thursday. Some 120 people -- police officers, Chicago Housing Authority employees, and other city officials -- surround 340 South Western Avenue, a di...
If you belong to a credit union, you may soon find it harder to get a mortgage there. The National Credit Union Administration, a federal regulator, is expected to issue cautionary guidelines that ...
TIRED OF worrying about America's budget deficit? Now you can start worrying about the vast sums that are not on the budget. Uncle Sam's off-budget guarantees will climb from $2.1 trillion in 1980 ...
If you are helping your parents with their medical care or such everyday chores as shopping and housekeeping, chances are you regularly give them some financial support as well. Or if you don't do ...
-- Nexis, normally unflappable, seemed instantly daunted by the request we put to it the other day. We had asked how many stories in our favorite database featured the phrase ''affordable housing.'...
-- Tip of the month: Credit unions have paid higher yields on money-market accounts than have banks or savings and loans this year, according to the newsletter Bank Rate Monitor.
WHEN WERE YOU LAST at a dinner party where someone didn't raise at least one of these perennially favorite topics: (1) how that $47,500 subdivision split- level, bought in 1973, is now worth a cool...
IN THEIR Report to the Forty-First President of the United States of America, Gerald R. Ford, President No. 38, and Jimmy Carter, No. 39, offer this observation: ''Americans are ready to do what ha...
IN THE THICK undergrowth of federal spending, subsidies to business and state and local governments are some of the hardiest forms of plant life--and the most in need of weeding. They will have cli...
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