Treasury Secretary Henry Paulson is talking tough, but don't expect Washington to bring Fannie Mae to heel till the housing crisis eases.
Fannie Mae is doing away with higher minimum down-payment requirements for borrowers in parts of the country where home prices are dropping.
Key lawmakers spent Thursday trying to broker a deal on a bill that would allow the government to insure up to $300 billion of home loans and overhaul oversight of key players in the mortgage industry.
Rates on 30-year mortgages eased this week, but remained above 6%, as signs that the overall economy is recovering helped offset ongoing weakness in the housing market, mortgage backer Freddie Mac said Thursday.
Freddie Mac is the latest beneficiary of wishful thinking about the housing market.
Mortgage application volume rose 2.9% during the week ending May 9, according to trade group Mortgage Bankers Association's weekly application survey.
Politicians in Washington are busy arguing about the financial and moral hazards of coming to the aid of troubled homeowners.
It's entirely possible that in the future buying a house that is shocking pink, ultramodern or in a neighborhood that's up and coming (no Starbucks yet) could add an extra fee to your mortgage for what banks perceive as added risk.
Rates on 30-year mortgages edged lower this week but remained above 6% as signs of economic stability overshadowed continued weakness in the housing market.
Fannie Mae, the nation's largest buyer of home loans, expects that the housing slump will persist into next year
Treasury Secretary Henry Paulson is talking tough, but don't expect Washington to bring Fannie Mae to heel till the housing crisis eases.
Fannie Mae is doing away with higher minimum down-payment requirements for borrowers in parts of the country where home prices are dropping.
Key lawmakers spent Thursday trying to broker a deal on a bill that would allow the government to insure up to $300 billion of home loans and overhaul oversight of key players in the mortgage industry.
Rates on 30-year mortgages eased this week, but remained above 6%, as signs that the overall economy is recovering helped offset ongoing weakness in the housing market, mortgage backer Freddie Mac said Thursday.
Freddie Mac is the latest beneficiary of wishful thinking about the housing market.
Mortgage application volume rose 2.9% during the week ending May 9, according to trade group Mortgage Bankers Association's weekly application survey.
Politicians in Washington are busy arguing about the financial and moral hazards of coming to the aid of troubled homeowners.
It's entirely possible that in the future buying a house that is shocking pink, ultramodern or in a neighborhood that's up and coming (no Starbucks yet) could add an extra fee to your mortgage for what banks perceive as added risk.
Rates on 30-year mortgages edged lower this week but remained above 6% as signs of economic stability overshadowed continued weakness in the housing market.
Fannie Mae, the nation's largest buyer of home loans, expects that the housing slump will persist into next year
Mortgage financer Fannie Mae warned Tuesday that the tumbling home values and loan defaults that have crippled the U.S. economy are likely to worsen, after posting a far larger-than-expected first-quarter loss.
Federal authorities, responding to the subprime-mortgage crisis, have formed a task force to determine if lenders or Wall Street firms participated in fraud.
A key House lawmaker on Monday complained that the mortgage industry has done little over the past month to make higher-value loans available in costly housing markets, after Congress took steps to try to infuse more cash into the so-called jumbo market.
The percentage of homeowners who refinanced with a Freddie Mac-owned loan in the first quarter of 2008 and received mortgages with loan amounts higher than their original mortgages, fell to the lowest levels since early 2004.
Rates on 30-year mortgages remained above 6%, edging up to the highest level in seven weeks and reflecting continued financial market concerns about inflation.
Mortgage application volume fell 11.1% during the week ending April 25, according to the Mortgage Bankers Association's weekly application survey.
A good credit score doesn't mean you can't end up in foreclosure.
Rates on 30-year mortgages topped 6% for the first time in six weeks as financial markets grew more worried about rising inflation pressures.
Mortgage application volume fell 14.2% during the week ending April 18, according to the Mortgage Bankers Association's weekly application survey.
Among the nightmares lurking around the corner for the already battered housing and credit markets would be a meltdown at mortgage financing giants Fannie Mae and Freddie Mac.
Bank of America Corp. said Tuesday it will tighten its mortgage lending standards after it completes its acquisition of Countrywide Financial Corp. later this year, and it will stop making one type of loan widely blamed for foreclosures.
Former Fannie Mae chief Franklin Raines and two other top executives are paying a total of nearly $31.4 million in a settlement with the government announced Friday over their roles in a 2004 accounting scandal.
Mortgage finance company Freddie Mac said Thursday it would buy up to $15 billion in home loans for higher-priced properties, using new flexibility granted by Congress earlier this year.
You may think your job is safe. But you still may not be spared the pain resulting from the weak labor market.
Mortgage rates were mixed this week as the index of leading indicators fell for the fifth straight month, home prices continued their decline and consumer confidence reached a 5-year low, Freddie Mac reported Thursday.
Consumer confidence plunged to a five-year low Tuesday as tight credit markets, rising prices and worsening job prospects weigh on American consumers. But Gerri Willis is here to give us reasons for optimism.
Earlier this year, when mortgage rates dipped below 6% for the first time since 2005, homeowners rushed to refinance costlier loans. In fact, more than six out of 10 mortgage applications so far this year have been for refis.
Lenders claim they want to help troubled mortgage borrowers stay in their homes. But the reality is that many foreclosure prevention counselors are running into lots of obstacles.
Borrowers looking for fixed-rate mortgages can now find the lowest rates in more than a month. But experts warn the decline may not last for long.
An additional $200 billion in financing is headed to the battered mortgage markets after federal regulators Wednesday said they would allow finance giants Fannie Mae and Freddie Mac to reduce the capital they keep on hand.
The Federal Reserve cut interest rates by three-quarters of a percentage point Tuesday, but don't expect mortgage rates to go down too. In fact, home loans could be heading higher.
The credit crunch has finally hit the traditional mortgage market.
Mortgage rates rose across the board this week as lower home prices and mortgage rates contributed to a more affordable market for homebuyers, Freddie Mac reported Thursday.
It's going to cost some borrowers even more to get a mortgage beginning in 2009.
Interest rates on 30-year mortgages are down and mortgage applications are up. Is it time to refinance?
Stocks tanked and bonds rallied Thursday as investors eyed the latest wave of credit market woes and opted to dump equities and scoop up the relatively safer government debt.
More home owners than ever are losing the battle to make their monthly mortgage payments.
After a series of gloomy readings on the economy, mortgage rates fell this week in the slumping housing market, erasing last week's jump, Freddie Mac reported Thursday.
Home foreclosures soared to an all-time high in the final quarter of last year, underscoring the suffering of distressed homeowners and the growing danger the housing meltdown poses for the economy
Stocks slumped Thursday after comments from Fed chair Ben Bernanke on the banking sector and weak reports on economic growth and the jobs market revived worries about a recession.
Stocks slumped Thursday after comments from Fed chair Ben Bernanke on the banking sector and weak reports on economic growth and the jobs market revived worries about a recession.
The housing bust is handing Fannie Mae and Freddie Mac a fresh chance to rebuild their battered images. But the hefty losses the firms reported this week, and worries about the health of the economy, show it won't be easy.
Following a January surge in refinancing activities, mortgage rates rose this week in the lackluster housing market, but are likely to decline, Freddie Mac reported Thursday.
Foreclosure gets Congress' attention Tuesday when the Senate decides whether to end debate on a bill aimed at helping homeowners avoid losing their homes.
The Fed has lowered short-term interest rates this year but longer-term bond yields have risen. Call it the new conundrum. And it's adding to the confusion on Wall Street about the economy.
Adjustable-rate mortgages could become more popular as the difference between long-term fixed rates and adjustable rates increases, Freddie Mac reported Thursday.
For months, we've fretted about the Armageddon that will hit when subprime adjustable rate mortgages start resetting to much higher interest rates.
For many house hunters, these are good times. Home prices have fallen 10% or more in once-hot markets, and interest rates on mortgages of $417,000 or less have sunk to their lowest levels in four years. Today a family with solid credit and enough cash for a 20% down payment can lock in a rate of only 5.9% on a 30-year mortgage, according to Bankrate. Thank you, Ben Bernanke!
Mortgage rates were little changed this week as labor productivity rose higher than forecast and pending existing home sales weakened, Freddie Mac reported Thursday.
Six of the nation's largest mortgage lenders, in a joint effort to cool the raging foreclosure crisis, have agreed to temporarily stop foreclosure proceedings on homeowners who have fallen seriously behind in their house payments.
Countrywide Financial said Monday it will expand programs to help borrowers manage their mortgage payments regardless of the type of subprime loan they have or whether they have already fallen behind on payments.
The good news: mortgage rates are down. The bad news: it's much harder to qualify for a refinanced loan these days.
The increased share of housing debt taken on by Freddie Mac and Fannie Mae during the housing slump has put the two government sponsored enterprises at risk, it was charged Thursday.
Mortgage rates were flat this week, following a disappointing service sector report, Freddie Mac said Thursday.
More than half of borrowers who have missed mortgage payment deadlines are still in the dark about ways to avoid foreclosure, but that percentage is falling, said a survey released Thursday.
Mortgage rates ended their five-week descent following the Fed's decision to cut its federal funds rate by half of a percentage point, Freddie Mac reported Thursday.
Executives in Houston high-rises can rest easy. The mortgage industry has officially replaced Big Oil as Washington's favorite political punching bag.
What if you've done everything you could to save your house? You refinanced your risky adjustable-rate home loan to a conservative 30-year fixed-rate mortgage. You and your spouse emptied your savings accounts and pulled thousands of dollars out of your 401(k)s.
Lenders, foreclosure-prevention groups and the government are all working to ease the shock of upcoming subprime adjustable rate mortgage resets. But the recent plunge in interest rates will also help consumers. Even so, it won't be enough to save many at-risk ARM borrowers.
Mortgage rates continued to fall this week, with 30-year and 15-year fixed-rate mortgages hitting their lowest levels in nearly four years, Freddie Mac reported Thursday.
Weak retail sales and broader concerns about the economy exerted downward pressure on mortgage rates, Freddie Mac reported Thursday.
The number of adjustable-rate mortgages issued by lenders declined in 2007 as loan delinquencies and economic problems took their toll on interest rate discounts, according to Freddie Mac's annual ARM survey.
Bank of America said Friday it would purchase embattled mortgage lender Countrywide Financial Corp. for $4 billion in an all-stock transaction.
Mortgage rates dropped this week on weak economic data, sending refinancing activity higher, Freddie Mac reported Thursday.
Some mortgage rates rose along with bond rates this week as reports of stronger consumer spending in November were tempered by disappointing readings of other economic measures, Freddie Mac reported Thursday.
Before you put much hope in forecasts for a 2008 rebound in the battered housing market, consider this: A year ago at this time many top economists were looking for that recovery to begin in 2007.
Strong reads on inflation and retail sales led to a slight lift in mortgage rates this week, Freddie Mac reported Thursday.
The Federal Reserve on Tuesday will propose a much stricter set of rules for mortgage lenders as part of the central bank's effort to avert abusive lending.
If you can afford your adjustable-rate mortgage now, but not if it were to reset to a higher interest rate, increasingly there is help to be had. There's just one problem: Who decides if you can afford your mortgage?
Lowered expectations for a recession led to a lift in mortgage rates this week, Freddie Mac reported Thursday.
The CEOs of Freddie Mac and Fannie Mae warned their ailing mortgage-finance companies will suffer further in 2008 due to a weakening housing market and rising home-loan defaults.
Americans are nearly equally divided on whether those facing defaults on their mortgages should get special help, with most believing the borrowers are to blame for their own problems.
Most analysts see the Fed cutting rates for the third consecutive time tomorrow. What investors don't know is just how deep the Fed will cut. What will this mean for your mortgage? Here's what you need to know.
The rate of homeowners going into foreclosure or falling dangerously behind on their mortgage payments hit record highs in the third quarter - signs the real estate meltdown will worsen over the next year, a banking group said Thursday.
Interest rates on fixed-rate home loans fell again this week on weak housing prices and consumer spending, Freddie Mac said Thursday.
Could Fannie Mae be the next large financial company to announce billions of dollars of market losses on bonds backed by distressed mortgages?
Already behind on your mortgage payments? No help there.
The U.S. government is working hard to give relief to struggling mortgage holders, Treasury Secretary Henry Paulson said Monday.
Interest rates on fixed-rate mortgages slipped again this week as the glut of available homes exerted downward pressure on prices and construction activity, Freddie Mac reported Thursday.
Countrywide Financial, the nation's leading mortgage lender, is facing a federal probe into its foreclosure practices, according to a published report.
Countrywide Financial, the nation's largest mortgage lender, said Tuesday that big losses at Freddie Mac are unlikely to significantly dent its business.
Mortgage rates continued to fall as the weak housing market remained a drag on the economy, Freddie Mac reported Wednesday.
Freddie Mac and Fannie Mae can only make it through a prolonged credit crisis if they raise billions of dollars of new capital.
Freddie Mac, a government-sponsored enterprise designed to help provide financing to the mortgage market, announced Tuesday that it is looking to raise cash itself after a larger-than-expected loss cut its capital close to the bone.
Stocks were mostly higher at the start of trading Tuesday, but Freddie Mac's bigger-than-expected loss and huge writedown sent its shares down by one-third.
Stocks were still poised for a higher open even after the mortgage finance giant Freddie Mac reported a wider loss and a government report showed building permits hit a 14-year low.
Fannie Mae sought to reassure nervous investors Friday after questions arose about a key change in the way the mortgage lender discloses its bad loans -- and whether the shift is camouflaging mounting losses.
Mortgage rates were flat following mixed economic signals, Freddie Mac reported Thursday.
Investors might want to take a closer look at Fannie Mae's latest earnings report. Lost in the unsurprising news of the mortgage lender's heavy losses was a critical change in the way the company discloses its bad loans -- a move that could mask that credit losses that are rising above levels that the company predicted just three months ago.
Tumbling home values. Soaring energy prices. A topsy-turvy stock market and a gazillion other financial worries, not the least of which is whether we'll spend the coming year mired in recession.
As the Treasurer of Cuyahoga County in Ohio, Jim Rokakis spends a lot of his time trying to deal with Cleveland's foreclosure crisis.
Mortgage rates eased in response to the Federal Reserve's decision to cut interest rates, Freddie Mac reported Thursday.
Not everyone is happy about mortgage lenders' latest efforts to help troubled borrowers.
Signs that the economy may be slowing ahead helped push mortgage rates near a six-month low, Freddie Mac reported Thursday.
Countrywide Financial, the nation's leading mortgage lender, reported a staggering $1.2 billion third-quarter loss Friday that was much larger than Wall Street expected, but predicted it would quickly return to profitability.
Fears of a slowing economy over the next few months helped push mortgage rates lower, Freddie Mac reported Thursday.
Mortgage rates were flat this week as the housing industry continues to experience high inventories and slow sales, Freddie Mac reported Thursday.
Treasury Secretary Hank Paulson is walking a fine line, pushing the need to help troubled mortgage borrowers without rewarding past risky behavior.
It's getting hard to wrap your brain around subprime mortgages, Wall Street's fancy name for junk home loans. There's so much subprime stuff floating around - more than $1.5 trillion of loans, maybe $200 billion of losses, thousands of families facing foreclosure, umpteen politicians yapping - that it's like the federal budget: It's just too big to be understandable.
If your credit is weak or your savings anemic, here are two phrases you're likely to hear from mortgage loan officers in the next few years: FHA and mortgage insurance.
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