housing crisis news stories on Newser

Foreclosures Inch Downward ... a Whole 0.1%

Kevin Spak — Thu, 17 May 2012 11:06:01 CDT

Banks initiated the fewest number of foreclosures since 2007 last quarter, according to new figures from the Mortgage Bankers Associations. But don't be too quick to don the rose-colored glasses: The number of loans in foreclosure remains stubbornly high at 4.4%—down only a hair from last year's 4....

Pot Growers Head for the ... 'Burbs?

Rob Quinn — Mon, 07 May 2012 07:13:09 CDT

America's green, leafy suburbs are becoming home to an increasing number of people growing a green, leafy product. The housing crisis has caused an influx of marijuana growers from rural areas and commercial zones to the suburbs, the New York Times finds. The growers are snapping up spacious homes in...

$26B Mortgage Settlement a 'Modest' Help: Experts

Matt Cantor — Fri, 10 Feb 2012 08:19:05 CST

The $26 billion mortgage settlement announced yesterday will be a boon for some—but the terms of the deal leave many homeowners out in the cold. Recipients of loans owned by the Federal Housing Administration, for instance, won't directly benefit from the settlement; nor will those with mortgages held by...

Banks Ink $26B Deal to Help 2M Homeowners

Rob Quinn — Thu, 09 Feb 2012 07:52:43 CST

America's five biggest banks have hammered out a $26 billion settlement for their role in causing the mortgage meltdown, reports the Wall Street Journal . The deal—the biggest of its kind since 1998's $206 billion settlement with the tobacco industry—was hammered out during almost a year of negotiations between...

Calif., NY May Sign On to Robo-Signing Settlement

Kevin Spak — Mon, 06 Feb 2012 14:25:08 CST

California and New York are close to signing on to the Obama administration's multibillion dollar mortgage robo-signing settlement, significantly expanding the deal, the New York Times reports. If California signs on, the settlement total will jump from $19 billion to $25 billion. In exchange, the states want measures to help...

2006 Transcripts Show Fed Was Clueless on Housing

John Johnson — Thu, 12 Jan 2012 19:18:23 CST

The Fed released transcripts from meetings in 2006 today that reveal just how badly its top officials blew it on the looming housing crisis, the New York Times reports. The industry was showing signs of distress, but the Fed's attitude boiled down to, eh, no big deal. The officials clearly...

Downturn Slams Gen-Xers; Boomers, Not So Much

Neal Colgrass — Sun, 13 Nov 2011 15:46:01 CST

The recession is hurting most of us, but Gen X has taken the brunt of it—thanks to housing prices that fell off a cliff 5 years ago and are still tumbling. Consider the 30-year-old Gen-Xer who bought a house in 2006 for $250,000. That value has now dropped...

Perry Gave Huge Tax Grants to Subprime Lenders

Matt Cantor — Mon, 03 Oct 2011 10:03:26 CDT

Rick Perry handed mortgage lenders millions to draw them to Texas—right when their risky lending practices surged. The governor gave Countrywide $20 million and Washington Mutual $15 million in what he called an exemplary job-creation move; in effect, that $35 million subsidized dangerous subprime lending, an AP analysis of...

Obama Looks to Keep Feds in Mortgage Biz

Mark Russell — Tue, 16 Aug 2011 07:20:47 CDT

Despite two White House proposals floated earlier in the year to get the federal government out of the housing market, President Obama will likely opt for the third option: reforming the housing market over the next decade but continuing to extend federal loan subsidies and insure most mortgages, reports the...