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July 25, 2008 1:12:25 PM CDT

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Stories related to: borrowers

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  • April 2008

    • Lenders Turning Blind Eye to Overdue Payments

      newser  |  Bloomberg  |  Apr 4, 08 4:24 PM CDT

      Lenders Turning Blind Eye to Overdue Payments

      With foreclosures skyrocketing, overwhelmed mortgage lenders are turning a blind eye to homeowners who haven’t paid up, letting them live in their houses despite delinquency, Bloomberg reports. The 3.6% of borrowers at least 90 days behind is almost twice the percentage foreclosed upon. Lenders’ delays are skewing foreclosure records and means even more homes could soon clog a flooded market. More »

      Tags

      housing market  • housing crisis  • mortgage crisis  • bank  • borrowers  • mortgage lender  • mortgage delinquency

    • States Act Aggressively to Fight Foreclosures

      newser  |  Wall Street Journal  |  Apr 4, 08 11:17 AM CDT

      States Act Aggressively to Fight Foreclosures

      State lawmakers aren’t sitting around waiting for Washington to solve the mortgage crisis, the Wall Street Journal reports. Instead, many are taking aggressive steps to ease borrower pain, sometimes running afoul of lenders in the process. Illinois, Maryland, and Minnesota all have bills in the works to impose a moratorium on foreclosures—in one state as long as 12 months— for families attempting to restructure mortgages. More »

      Tags

      foreclosure  • mortgage crisis  • Minnesota  • borrowers  • state governments  • mortgage defaults  • moratorium

  • February 2008

    • Credit Crunch Extends to Student Loans

      newser  |  Wall Street Journal  |  Feb 13, 08 8:27 AM CST

      Credit Crunch Extends to Student Loans

      A huge new group of borrowers—from students to museums to local governments—are about to find their credit drying up, as the subprime meltdown that has already cost banks $100 billion continues to spread, reports the Wall Street Journal.   In the last few days, investors have backed away from buying something called auction-rate bonds, which in turn caused the Michigan's student loan authority to stop making loans yesterday. More »

    • Lenders Throw Lifeline to Struggling Borrowers

      newser  |  Wall Street Journal  |  Feb 12, 08 6:58 AM CST

      Lenders Throw Lifeline to Struggling Borrowers

      Six top US mortgage lenders will launch a program today aimed at helping at-risk borrowers avoid foreclosure. Aimed at  homeowners more than 90 days delinquent on loans, Project Lifeline will forestall foreclosure actions for 30 days while lenders try to work out new payment options, reports the Wall Street Journal. Contact with borrowers could begin this week. More »

      Tags

      housing crisis  • foreclosure  • mortgage crisis  • borrowers

    • State Lenders Choke Bush's Fight Against Foreclosures

      newser  |  Bloomberg  |  Feb 1, 08 7:18 PM CST

      State Lenders Choke Bush's Fight Against Foreclosures

      President Bush’s goal of helping subprime borrowers by offering tax-exempt bonds is meeting resistance from state lenders, Bloomberg reports. Risk-averse state housing agencies are already turning down over half the applicants to their own programs intended to help those affected by the crisis, due mainly to applicants’ existing financial woes. The agencies’ caution could cripple Bush’s scheme to fight foreclosures. More »

  • January 2008
  • December 2007

    • Subprime Lender Lobbying Foiled Safeguards

      newser  |  Wall Street Journal  |  Dec 31, 07 10:59 AM CST

      Subprime Lender Lobbying Foiled Safeguards

      Subprime giant Ameriquest spent more than $20 million on political donations from 2002 to 2006 to successfully lobby against lending restrictions meant to protect borrowers, reports the Wall Street Journal. Though the company spent millions at the national level, its focus was local, where regulators were cracking down on predatory lending. Countrywide, Citigroup, and Wells Fargo also joined the quest for softer rules. More »

      Tags

      subprime mortgages  • Citigroup  • borrowers  • Countrywide Financial  • Wells Fargo

    • Fed Cracks Down on Loose Lending

      newser  |  Wall Street Journal  |  Dec 18, 07 7:43 PM CST

      Fed Cracks Down on Loose Lending

      Seeking to avoid another subprime meltown, the Federal Reserve cracked down on mortgage lending today by a unanimous 5-0 vote, the Wall Street Journal reports. If approved next year, the Fed proposals will require creditors to consider borrowers' financial and credit status, but will not prohibit prepayment penalties altogether, a move sought by some consumer groups. More »

      Tags

      subprime mortgages  • Federal Reserve  • Ben Bernanke  • foreclosure  • mortgage crisis  • taxes  • borrowers  • Barney Frank  • mortgage brokers

    • Fed Plans to Tighten Mortgage Lending Rules

      newser  |  Associated Press  |  Dec 18, 07 8:49 AM CST

      Fed Plans to Tighten Mortgage Lending Rules

      Stricter rules will face mortgage lenders if a Federal Reserve proposal unveiled today moves forward. The Fed wants to prohibit or limit prepayment penalties, force lenders to make sure borrowers set aside money for taxes and insurance, require lenders to verify income, and prohibit lenders from giving borrowers unaffordable loans, the AP reports. More »

      Tags

      subprime mortgages  • Federal Reserve  • foreclosure  • mortgage  • borrowers

    • Americans Split on Borrower Bailout

      newser  |  CNN  |  Dec 11, 07 12:54 PM CST

      Americans Split on Borrower Bailout

      About half of Americans say borrowers snared in the subprime mortgage mess brought the trouble onto themselves, but they nevertheless deserve "special treatment," CNNMoney reports. In a poll of 1,002 adults, 51% also said they felt sorry for borrowers, with 46% blaming financial institutions' lending policies for the situation. More »

    • Bush Mortgage Plan Arrives

      newser  |  CNN  |  Dec 6, 07 3:01 PM CST

      Bush Mortgage Plan Arrives

      The White House today released its plan to help homeowners threatened by the subprime crisis, asserting 1.2 million could be helped—but only 240,000 of 2.2 million rate resets due next year are covered, CNN reports. The five-year interest rate freeze doesn’t apply to borrowers 30 days late at the time of reset or those 60 days late at any point in the past year. More »

      Tags

      George W. Bush  • mortgage crisis  • Henry Paulson  • borrowers  • Moody's  • adjustable rates

    • Auto-Loan Delinquencies Rise as Stress Spreads

      newser  |  Wall Street Journal  |  Dec 6, 07 6:36 AM CST

      Auto-Loan Delinquencies Rise as Stress Spreads

      Consumer auto loans are beginning to show the strain of the subprime collapse, with delinquencies among top-rated borrowers from 2006 rising 55%, to 4.5%, in September. That's the largest month-to-month increase in delinquencies in nearly a decade, the Wall Street Journal reports. Delinquencies among less credit-worthy consumers rose to 12%, the highest level since 2002. Said one analyst, “the numbers will get worse.” More »

      Tags

      auto industry  • borrowers  • credit  • auto loans

    • Dems Pitch Own Mortgage Plans

      newser  |  New York Times  |  Dec 6, 07 2:56 AM CST

      Dems Pitch Own Mortgage Plans

      Democratic candidates are criticizing President Bush's plan to bail out homeowners in the subprime mess for not going far enough and have outlined their own, more ambitious, proposals, the New York Times reports. "It appears that the president is pushing a freeze for a very narrow group of borrowers,” said Hillary Clinton, who traveled to Wall Street to push for fixes. Bush will formally introduce his plan today. More »

      Tags

      Hillary Clinton  • US economy  • subprime mortgages  • recession  • John Edwards  • foreclosure  • borrowers  • moratorium  • mortgage rate freeze

    • Bush to Offer Mortgage Freeze

      newser  |  Reuters  |  Dec 5, 07 1:07 PM CST

      Bush to Offer Mortgage Freeze

      President Bush will detail tomorrow the Treasury Department's plan to hold interest rates steady for subprime borrowers at risk of defaulting on their mortgages when rates rise, Reuters reports. The plan, negotiated with mortgages lenders and investors, would freeze for five years adjustable loans due to jump to higher rates between Jan. 1, 2008, and summer 2010. More »

      Tags

      George W. Bush  • subprime mortgages  • Henry Paulson  • borrowers  • Treasury Department

    • Subprime Woes Afflict Good Credit Risks

      newser  |  Wall Street Journal  |  Dec 3, 07 11:12 AM CST

      Subprime Woes Afflict Good Credit Risks

      Borrowers with shady credit who never should have been allowed near a dotted line weren't the only ones swallowed by the subprime debacle—credit-worthy borrowers received 55% of all subprime loans in 2005, the apex of the subprime surge, reports the Wall Street Journal. Incentive-motivated mortgage brokers put many borrowers into subprime loans, even those who qualified for better, more stable rates. More »

      Tags

      subprime mortgages  • borrowers  • mortgage brokers

    • Mortgage-Rate Freeze Draws Backlash

      newser  |  Wall Street Journal  |  Dec 1, 07 11:51 AM CST

      Mortgage-Rate Freeze Draws Backlash

      Not everyone is applauding Treasury Secretary Hank Paulson's plan to freeze adjustable mortgage rates on distressed home loans to help contain the spreading subprime crisis. Some analysts think the plan will only postpone foreclosures, rather than preventing them. And now that loans are bundled and sold to investors, some of those investors resent what they see as government interference with their property, the Wall Street Journal reports. More »

      Tags

      subprime mortgages  • Henry Paulson  • borrowers  • home loans  • Treasury Department

  • November 2007
  • October 2007

    • Countrywide to Refinance Risky Home Loans

      newser  |  Bloomberg  |  Oct 23, 07 5:38 PM CDT

      Countrywide to Refinance Risky Home Loans

      Countrywide, the nation's largest mortgage lender, will refinance $16 billion worth of subprime home loans. The move will allow 80,000 customers with adjustable-rate mortgages to get lower rates, making it more likely that they'll keep their homes. Countrywide will make less money from the new arrangement, but fewer mortgages will fail outright, Bloomberg reports. More »

      Tags

      subprime mortgages  • Henry Paulson  • borrowers  • home loans  • Countrywide Financial

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