mortgage news stories on Newser

Cash-Strapped Americans' No. 1 Priority: Car Payment

Thu, 29 Mar 2012 08:40:30 CDT

Americans really don't want to lose their rides. A study finds that the cash-strapped among us are paying off their car loans before they pay credit card bills and make mortgage payments. It used to be that Americans would pay their home loans first, then their credit card and car...

Facing Foreclosure? BofA to Let You Rent Your Home

Kevin Spak — Fri, 23 Mar 2012 12:11:05 CDT

Falling behind on your Bank of America mortgage? Well, what would you say if the bank offered to take your house, but let you rent it for a while? That's the idea behind a new "Mortgage to Lease" pilot program that BofA is rolling out in select markets in Arizona,...

Why It's Better to Default on a $1M Mortgage

Kevin Spak — Tue, 28 Feb 2012 11:51:05 CST

If you've fallen behind on your mortgage payments, here's hoping you live in a million-dollar home, because odds are the bank will wait a lot longer to kick you out. Borrowers who default on loans of $1 million or more get to stay in their homes an average six months...

$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...

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...

Freddie Mac Bet Billions Against Homeowners

Matt Cantor — Mon, 30 Jan 2012 10:22:54 CST

Freddie Mac was designed to help homeowners—but in 2010 and 2011 it wagered billions against them. The company invested in security packages that meant more cash for Freddie when homeowners couldn't refinance their mortgages. But Freddie itself regulates refinancing—and in fact has been increasingly denying refinances to struggling...

Ex-Banker: Yeah, Collapse Was Our Fault

Kevin Spak — Thu, 01 Dec 2011 10:08:36 CST

If you were trying to get a loan in southern Florida in 2007, bankers like James Theckston were there to help. "If you had some old bag lady walking down the street and she had a decent credit score, she got a loan," Chase's then-regional VP of Home Finance tells...

US May Let Millions Refinance at 4%

Evann Gastaldo — Thu, 25 Aug 2011 09:51:05 CDT

Help could be on the way for struggling homeowners with government-backed mortgages: The Obama administration is considering a proposal that would allow such homeowners to refinance their mortgages at today's interest rates, which hover around a low 4%. Many homeowners can’t currently refinance because they owe more than their house’s...

Fed Hits Wells Fargo With Record $85M Fine

Rob Quinn — Thu, 21 Jul 2011 03:31:50 CDT

Wells Fargo has agreed to cough up $85 million to settle allegations that it steered borrowers with good credit towards expensive subprime mortgages and falsified information on borrowers' income on loan documents. The Federal Reserve says the fine, the first levied in relation to the predatory big-bank practices blamed for...