Fannie Mae, the largest provider of funding for U.S. home loans, said on Thursday bad mortgages and a federal foreclosure prevention program left it with a $18.9 billion loss, forcing it to tap the Treasury again to plug a hole in its net worth.
Giving troubled borrowers yet another way to avoid foreclosure, Fannie Mae said on Thursday it would allow eligible homeowners to rent their own homes.
Mortgage applications fell last week for the third week in a row, even as interest rates edged lower, an industry group said Wednesday.
Mortgage applications plunged last week as rates ticked higher above 5%, an industry group said Wednesday, as the expiration of a home buyer tax credit drew nearer.
If you are among the 6.5 million homeowners who took out a low-rate adjustable-rate mortgage during the housing boom, you've probably spent the past couple of years waiting for your day of reckoning to come.
The possibility of securing a mortgage rate below 5% has greatly improved in recent weeks, in a positive sign for would-be home buyers.
Mortgage applications surged last week as interest rates on home loans remained low, an industry group said Wednesday.
The foreclosure crisis grinds on amid signs of hope.
Substantially fewer homes were repossessed in August than in July, but just as many Americans were behind on their mortgage payments, according to a report released Thursday.
Home mortgage rates were mixed this week as the Federal Reserve began easing away from its repurchase of Treasurys.
Fannie Mae, the largest provider of funding for U.S. home loans, said on Thursday bad mortgages and a federal foreclosure prevention program left it with a $18.9 billion loss, forcing it to tap the Treasury again to plug a hole in its net worth.
Giving troubled borrowers yet another way to avoid foreclosure, Fannie Mae said on Thursday it would allow eligible homeowners to rent their own homes.
Mortgage applications fell last week for the third week in a row, even as interest rates edged lower, an industry group said Wednesday.
Mortgage applications plunged last week as rates ticked higher above 5%, an industry group said Wednesday, as the expiration of a home buyer tax credit drew nearer.
If you are among the 6.5 million homeowners who took out a low-rate adjustable-rate mortgage during the housing boom, you've probably spent the past couple of years waiting for your day of reckoning to come.
The possibility of securing a mortgage rate below 5% has greatly improved in recent weeks, in a positive sign for would-be home buyers.
Mortgage applications surged last week as interest rates on home loans remained low, an industry group said Wednesday.
The foreclosure crisis grinds on amid signs of hope.
Substantially fewer homes were repossessed in August than in July, but just as many Americans were behind on their mortgage payments, according to a report released Thursday.
Home mortgage rates were mixed this week as the Federal Reserve began easing away from its repurchase of Treasurys.
Home mortgage rates were nearly unchanged from the previous week as investors weigh better-than-expected corporate earnings against the record volume of debt the government is selling.
As a growing number of Americans default on their mortgages, the Obama administration is set to meet Tuesday with industry executives to discuss their efforts so far to help people save their homes.
Home mortgage rates ticked lower after Federal Reserve Chairman Ben Bernanke said the central bank will continue to keep interest rates low.
Home mortgage rates saw an up-and-down week but ended almost unchanged, according to a report released Thursday.
Home mortgage rates fell for the third time in four weeks, with the 30-year fixed slipping to 5.59% from 5.7% the prior week, according to a report released Thursday.
Home mortgage rates retreated last week, with the 30-year fixed slipping to 5.7% from 5.8% the week prior, according to a report from a financial data aggregator released Thursday.
The Obama administration is widening its mortgage refinancing program to allow more borrowers hit hard by falling home prices to take part.
Sales in the decimated housing market may finally be bottoming, but don't expect home prices to stop dropping before mid-2010 at the earliest, analysts and economists say.
Home mortgage rates sank sharply last week, retreating from a recent run-up that peaked the previous week. The 30-year fixed slipped to 5.76% from 5.95%, according to a report released Thursday.
Home mortgage rates jumped in the most recent week, pulled higher by skyrocketing Treasury yields.
Home mortgage rates jumped in the most recent week, with the average 30-year fixed rate rising to 5.65%, according to a report released Thursday.
The refinancing tide has ebbed, but mortgage profits for the nation's biggest banks are in no danger of drying up.
Mortgage rates burst past the 5% mark for a 30-year fixed-rate loan late in May, peaking at an average of 5.45% on Thursday. It was the highest level reached by mortgage rates this year, but on Friday they fell back to 5.27%.
Government debt prices rose Thursday after the benchmark 10-year yield had hovered at a 6-month high earlier in the session, at the last of three major auctions scheduled for the week.
Home mortgage rates jumped in the most recent week, pulled higher by rising Treasury yields, according to a report released Thursday.
Despite all the hand-wringing and attempts to contain the foreclosure plague, the problem still spread during the first three months of 2009, as the number of foreclosure actions started hit a record high, according to a quarterly report.
House prices are taking a long ride in the wayback machine. Unfortunately, Americans' housing-related debt isn't going anywhere fast.
Nearly 270,000 troubled homeowners were issued mortgage workouts in April, according to a industry report released Wednesday. That was up from about 250,000 in March.
Home mortgage rates were mixed this week, with the average 30-year ticking higher, according to a report released Thursday.
One of the biggest disappointments of the foreclosure prevention fight has been HOPE for Homeowners, a plan Congress passed in an attempt to help as many as 400,000 underwater, delinquent borrowers from going into foreclosure.
Fannie Mae and Freddie Mac, charged with helping lead the nation out of its housing crisis, are facing "critical" financial problems, federal regulators said Monday.
More than 55,000 troubled homeowners have received loan modification offers under President Obama's foreclosure prevention program, officials said Thursday.
Freddie Mac asked for another $6.1 billion in government aid Tuesday, after reporting a $9.9 billion quarterly loss.
Fannie Mae, the troubled mortgage finance company, reported a first-quarter loss of $23.2 billion on Friday.
Home mortgage rates ticked only slightly higher this week, according to a report released Thursday.
Home mortgage rates were mostly unchanged this week, with the average 30-year fixed mortgage rate holding steady, according to a report released Thursday.
Lenders continued to rewrite troubled mortgages at a fast clip during March, but the weakening economy still sent foreclosure starts soaring to a record high.
The Obama administration said Tuesday it is expanding its foreclosure prevention program to cover second mortgages and to direct more troubled borrowers to the Hope for Homeowners program.
Home mortgage rates were slightly higher this week, jumping from near record-lows last week, according to a report released Thursday.
The acting chief financial officer of mortgage finance giant Freddie Mac, David Kellermann, was found dead Wednesday morning, police said.
Mortgage rates fell slightly this week and appear to be settling into a range near historically low levels, according to a national survey released Thursday.
The road to a housing recovery will be a difficult one.
Home mortgage rates were slightly higher this week, snapping a 4-week streak of declines, said a report released Thursday.
It may seem obvious: Increasing how much troubled borrowers pay on their mortgage leads to redefaults. But that didn't stop America's banks.
Home mortgage rates continued to march lower, according to two separate reports released on Thursday.
Lenders have helped an increasing number of mortgage borrowers to get current on payments and stay in their homes, but the tide of foreclosures is still rising.
Home mortgage rates dropped to a 52-year low this week, according to a report released Thursday, in the wake of the government's announcement that it will buy more than $1 trillion in debt.
Mortgage rates are lower than 5% - but how can you get the best refinancing deal?
If HOPE for Homeowners, the foreclosure-prevention plan passed last summer, was a soft drink, it would be New Coke. If it was an automobile, it would be an Edsel. A movie? Howard the Duck.
Mortgage interest rates are already flirting with record lows and the Federal Reserve's move to buy up government debt will send those rates even lower. But it doesn't look like it will get any easier for borrowers - even those with good credit.
As loan servicers scramble to implement President Obama's foreclosure prevention plan, the administration on Thursday unveiled a Web site to assist homeowners in determining whether they are eligible for help.
Troubled mortgage giant Fannie Mae planned to pay four top executives retention bonuses ranging from $470,000 to $611,000, according to a February SEC filing.
President Obama's eagerly anticipated foreclosure prevention program went into effect on Wednesday. It targets 9 million borrowers for help - are you one of them?
For real estate appraisers, determining what a house is worth has become increasingly difficult, which is making it even harder for buyers to purchase homes or for homeowners to refinance.
For real estate appraisers, determining what a house is worth has become increasingly difficult, which is making it even harder for buyers to purchase homes or for homeowners to refinance.
Household net worth in the United States declined by $11.2 trillion last year, according to a government report issued Thursday, and Americans curbed their spending as they watched the value of their assets fall.
Mortgage rates slipped last week, according to a weekly survey released Thursday.
Freddie Mac, the government-backed mortgage finance company, said Wednesday it has asked the government for $30.8 billion in additional funding to close a gaping hole on its books.
More than 11% of all mortgages are either delinquent or in foreclosure, according to an industry report released Thursday.
The Obama administration's foreclosure prevention program was launched Wednesday.
Mortgage rates remained flat last week, as President Obama unveiled a $75 billion plan to help prevent foreclosures.
We now know the details of President Obama's plan to stabilize the housing market and keep millions of Americans in their homes.
Mortgage modifications have a bad rap, yet President Obama is depending on them to stop the foreclosure crisis.
Freddie Mac's chief executive, installed last year after the government took over the troubled mortgage finance company, is resigning, the company and its regulator said Monday.
Hammered by the ailing housing market, mortgage finance giant Fannie Mae said Thursday it would tap its lifeline from the Treasury Department after reporting $58.7 billion in losses for 2008.
Mortgage rates rose over the past week, as home prices and sales fell and the government issues massive amounts of debt to pay for federal spending.
The eagerly anticipated foreclosure prevention program unveiled Wednesday by President Obama targets 9 million borrowers for help - are you one of them?
Mortgage rates held steady over the past week, as homeowners got a boost from the stimulus bill and President Obama unveiled a foreclosure-prevention plan on Wednesday.
President Obama unveiled a $75 billion multi-pronged plan Wednesday that seeks to help up to 9 million borrowers suffering from falling home prices and unaffordable monthly payments.
Obama administration officials are hammering out the details of a $50 billion foreclosure prevention program that the president is set to unveil Wednesday in Arizona, sources said.
JPMorgan Chase and Citigroup Inc. announced plans Friday to temporarily halt foreclosures as the government works to finalize the details of a financial rescue package that could include billions of dollars in aid for struggling homeowners.
The Obama administration is looking at subsidizing the mortgage payments of struggling borrowers before they default, according to sources familiar with the discussions.
The frantic pace of foreclosures eased in January, according to a monthly report released Thursday.
Some big banks have cut back on doing business with mortgage brokers - and if the trend continues, many mortgage brokers could close down.
Mortgage rates fell during the past week, pushed lower from the uncertainty stemming from the bank bailout plan unveiled Tuesday.
Treasury Secretary Tim Geithner is expected Tuesday to start laying out the Obama administration's long-awaited plans to address the foreclosure crisis.
A wave of resetting adjustable rate mortgages had been poised to add to the flood of foreclosures as their rates jumped.
Mortgage rates rose over the past week, pushing the cost of borrowing to its highest level since Christmas. And volatility is expected to continue as the debate over the economic stimulus plan continues.
Mortgage rates fell over the past week, benefiting from the Federal Reserve's pledge to take all necessary action to stimulate the economy.
In a sign that banks are stepping up their efforts to combat foreclosures, lenders intervened to help prevent 239,000 foreclosures last month, according to a report released Thursday.
As required by the federal bailout law, the Federal Reserve will look to prevent foreclosures by modifying the terms on certain delinquent loans, lawmakers said Tuesday.
The federal regulator of Fannie Mae and Freddie Mac will set new rules early next week governing the mortgage finance companies' portfolios, which play a crucial role in the nation's housing market.
One of the nation's largest builders is trying to shock the flatlining new-home market into action with an incentive plan that will slash monthly mortgage payments for qualified buyers.
Interest rates on 30-year fixed rate mortgages rose after an 11 week streak of declines.
The credit crunch has made it hard for anyone to get a loan these days - and borrowers who can only make a small down payment are facing even tougher odds.
U.S. foreclosure filings spiked by more than 81% in 2008, a record, according to a report released Thursday, and they're up 225% compared with 2006.
Washington policy makers have taken aim at one of the main contributing causes to the housing crisis: inflated appraisals.
There are many ways to spend $800 billion to revive the economy. In recent days, President-elect Barack Obama has ticked off many of them: invest in infrastructure projects, help states pay for Medicaid, cut taxes on the middle class, expand use of renewable energy.
Citigroup reached an agreement with Democratic lawmakers Thursday on legislation that would allow judges to reduce mortgage debt for individuals who have filed for bankruptcy.
Mortgage giants Fannie Mae and Freddie Mac have extended a moratorium on foreclosure suspensions for another three weeks, directing the mortgage servicers they work with to postpone any foreclosure or eviction proceedings through January 31.
Mortgage rates fell to another all-time low, declining for the tenth consecutive week.
The number of homes under contract to be sold fell 4% in November, according to a report released Tuesday.
The Federal Deposit Insurance Corp. announced Friday that it had struck a deal to sell failed mortgage lender IndyMac to a group of private investment firms for $13.9 billion.
Rates on mortgage loans are the lowest in the 37-year history of the Freddie Mac Primary Mortgage Market Survey, according to a weekly report released Wednesday.
Falling interest rates are fueling a mortgage refinance frenzy as homeowners rush to reduce their housing payments.
Near record low mortgage rates sent mortgage applications shooting higher last week, especially for refinances, according to an industry report.
Some 2.2 million at-risk homeowners will receive foreclosure-prevention help this year, according to an industry report issued Monday, with the number expected to rise to more than 3 million in 2009.
Prices for U.S. Treasurys rose Thursday, pushing yields to record lows, as investors respond to aggressive new moves by the Federal Reserve.
Mortgage rates fell this week, with the 30-year fixed mortgage sinking to its lowest rate in 37 years as the Federal Reserve cut interest rates to historic lows.
Fannie Mae, the battered mortgage giant, has agreed to act as an interim landlord for thousands of tenants living in foreclosed homes around the country.
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