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SUNDAY, NOVEMBER 8, 2009
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NEWS ABOUT: mortgage lender

mortgage lender stories: 27 news summaries

1 - 20 of 27 Stories | 1 2 Next >>

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BofA, Wells Fargo Rank Worst for Loan Modifications

Treasury report rates banks' performance

Aug 4, 09 11:44 AM CDT
(Newser) - Bank of America began modifying just 4% of its loans eligible under the Making Home Affordable Act, according to a Treasury report on big banks' performance, while Wells Fargo started just 6%. JPMorgan Chase led the pack with 20%, Bloomberg reports, while Citigroup had 15%. “Some of the servicers... More »

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Bank of America • foreclosure • mortgage • loans • Wells Fargo • home loans • Treasury Department • mortgage lender • Obama administration • President Obama • loan modification

(Newser) - The government's foreclosure prevention program is failing largely because of mortgage companies who can make more money when loans go delinquent, industry insiders tell the New York Times. Companies servicing mortgage loans charge many lucrative fees as loans go bad—recoverable, if necessary, out of the proceeds when the foreclosed... More »

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foreclosure • mortgage • mortgage loans • mortgage lender • mortgage delinquency • Obama administration • mortgage modification

(Newser) - Would-be homeowners with good credit are finding themselves shut out of the mortgage market by stiff restrictions from wary lenders, the New York Times reports. Many believe that in an effort to move away from the laxness blamed for the financial crisis, lenders have gone too far the other way... More »

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housing market • mortgage • credit crisis • mortgage loans • mortgage lender

New Foreclosure Legislation May Not Be Enough

Congressional aid to homeowners may need overhaul, not 'patches'

May 22, 09 12:45 PM CDT
(Newser) - Congress’ Hope for Homeowners plan was aimed at fighting the foreclosure epidemic, and it’s been a success for exactly one person. Now, lawmakers have put “patches” on the legislation—but some worry the fixes aren’t going to do the job, ProPublica reports. Instead, it needs “some... More »

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Congress • housing market • foreclosure • mortgage • homeowners • mortgage lender • Hope for Homeowners

(Newser) - For some, 2009 may be remembered as the year of the Ponzi scheme: Last year, federal regulators prosecuted 13 such scams, but in just the first few months of this year, they’ve already filed 22 cases, reports ABC News. One recent bust is Long Island's Peter Dawson, who stiffed... More »

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subprime mortgages • Ponzi scheme • mortgage lender • housing bubble • banks • Bernard Madoff

UPDATED

Pressure on Freddie
Exec Was 'Relentless'

Colleagues say Kellermann lost weight, barely went home

Apr 23, 09 5:53 AM CDT
(Newser) - The acting chief financial officer at Freddie Mac, who hanged himself yesterday, was working nonstop and had recently asked the company for a security detail, colleagues tell the New York Times. David Kellermann was struggling to balance the contradictory demands of investors, regulators, and lawmakers, and coworkers say he had... More »

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suicide • Freddie Mac • mortgage lender • GSE • recession depression • David Kellermann

(Newser) - As internal bank moratoriums on foreclosure imposed last year expire, many more Americans are losing their homes, the Wall Street Journal reports. Foreclosure proceedings were up 6% in February over January, and up 30% from March 2008. Just as the Obama administration's rescue plan kicks in, delinquents who don’... More »

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real estate • foreclosure • debt • recession • moratorium • homeowners • mortgage lender

Obama Housing Rescue Plan Leaves Many Out in Cold

Criteria keep many who need help from refinancing under the plan

Mar 5, 09 8:40 AM CST
(Newser) - A large swath of Americans will see no help under the Obama administration’s housing rescue plan, the New York Times reports. While designed to prevent 3 million to 4 million foreclosures through loan modifications, the plan doesn't cover those whose loans aren’t backed by Fannie Mae or Freddie... More »

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housing market • foreclosure • Freddie Mac • Fannie Mae • mortgage debt • mortgage lender • underwater • mortgage defaults • Obama administration • financial crisis • President Obama

(Newser) - The White House today kicked off its $75 billion plan to curb mortgage foreclosures, the Wall Street Journal reports. The federal dollars will both push lenders to lower monthly payments and help homeowners keep paying. “Today, we are providing servicers with the details they need to begin helping eligible... More »

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foreclosure • mortgage • Treasury Department • mortgage lender • negative equity • payments • Obama administration • President Obama • Timothy Geithner

$50B Obama Plan Aims to Give Homeowners Options

Administration to enable cuts in monthly payments, refinancing

Feb 18, 09 6:47 AM CST
(Newser) - Today the Obama administration unveils its plan to help struggling homeowners with cuts in monthly payments, more possibilities for refinancing, and changed bankruptcy rules.  Its central plank is a $50 billion subsidy for mortgage companies to make home loans more affordable. As the Wall Street Journal reports, economists are... More »

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Barack Obama • housing market • mortgage • home prices • mortgage lender • Obama administration • Timothy Geithner

Fannie Mae Engineer Indicted for Planting Crippling Code

Trap that could have caused millions in damage found after man was fired but before it activated

Jan 29, 09 4:30 PM CST
(Newser) - A former Fannie Mae contract worker was indicted Tuesday on a count of computer sabotage for planting malicious code that would have crippled the mortgage giant’s network of 4,000 servers for at least a week, Wired reports. Rajendrasinh Babubha Makwana crafted the malware the same day he was... More »

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cyberattack • computer virus • Fannie Mae • mortgage lender • logic bomb • disgrunt;ed employee

FDIC Plan Tests Strategies for
Keeping People in Homes

Systematic reworking faces typical hurdles

Nov 1, 08 6:48 AM CDT
(Newser) - The first large-scale experiment in how to keep struggling borrowers in their homes is being run by the FDIC at seized mortgage lender IndyMac, the Wall Street Journal reports, and the results are mixed. Of some 65,000 borrowers with “seriously delinquent” mortgages, about 47,000 qualify for aid... More »

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IndyMac • FDIC • mortgage lender • refinanced mortgages • subprime crisis • mortgage delinquency

 UK's Largest Mortgage
Lender in Buyout Talks

HBOS could be sold to Lloyds as early as tomorrow

Sep 17, 08 10:36 AM CDT
(Newser) - Britain's biggest mortgage lender, HBOS, is in advanced discussions with Lloyds about a possible buyout, reports the Financial Times. Stock in the troubled lender has yo-yoed today, falling to less than a pound a share before rocketing up and then plummeting again. While a Lloyds purchase of HBOS could trigger... More »

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bank • buyout • mortgage lender • HBOS • Lloyds of London

Paulson Tacks Toward Middle on Fannie, Freddie Rescue

Conservatorship would toe line between opposing views

Sep 7, 08 9:35 AM CDT
(Newser) - As concerns mount for troubled mortgage giants Fannie Mae and Freddie Mac, two camps have emerged: one, led by free-market analysts, is pushing a temporary government takeover of the companies; the other, led by congressional Democrats, would rather see billions of tax dollars rescue the firms. Treasury secretary Henry Paulson... More »

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Henry Paulson • housing • Freddie Mac • Fannie Mae • Treasury Department • Barney Frank • mortgage lender • conservatorship • financial crisis

OPINION

Ex-Fannie Mae Chief: Don't
Bail 'Em Out

Fannie and Freddie have resources; what they need is clarity

Jul 16, 08 8:53 AM CDT
(Newser) - Coherent policy from Washington—not a financial bailout—is what mortgage titans Fannie Mae and Freddie Mac are most in need of, writes former Fannie chief Franklin Raines in the Washington Post. “They have more than enough capital to meet their cash obligations,” he writes, as well as... More »

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Freddie Mac • Fannie Mae • mortgage lender • Franklin D. Raines • financial crisis

Mortgage Insurers Feel Pinch, Pull Back on Loans

As more home loans fail, lenders ask more of beleaguered backers

Jul 15, 08 9:51 AM CDT
(Newser) - Mortgage insurers facing mounting defaults are tightening their standards, adding another hurdle for potential homebuyers, the Wall Street Journal reports. Beleaguered and risk-averse banks are making more mortgage applicants apply for insurance, just as insurers are declaring more parts of the country “declining markets.” making insurance harder to... More »

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foreclosure • home loans • Federal Housing Administration • mortgage lender • housing crisis • subprime crisis • mortgage defaults

Celebrity Foreclosure:
Canseco's Out at Home

Former baseball star forced to move into smaller home

May 1, 08 9:09 PM CDT
(Newser) - It can happen to the rich and famous, too: Jose Canseco's mansion is in foreclosure, and he's had to move into more modest digs, Inside Edition reports. Canseco owed more than $2.5 million on the California property his neighbors called the "hotel." He made $30 million in... More »

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foreclosure • mortgage • debt • Jose Canseco • Washington Mutual • mortgage loans • mortgage debt • mortgage lender • subprime crisis • mortgage defaults

Mortgage Biz Battles Fed Reforms

Rules would limit credit for worthy borrowers, bankers say

Apr 28, 08 7:05 AM CDT
(Newser) - As the Federal Reserve moves toward stricter lending rules, mortgage providers are firing back, calling the rules too broad and arguing that they could limit loans to borrowers who don't have credit problems, the New York Times reports. Regulation, bankers say, could raise the price of mortgages by increasing paperwork... More »

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Federal Reserve • mortgage • lending practices • mortgage lender • subprime crisis • bankers

Bank of England Launches Mortgage Swap Plan

Central bank would take on $100B in mortgages

Apr 21, 08 4:00 AM CDT
(Newser) - Commercial banks will be allowed to temporarily swap some $100 billion in troublesome mortgages for securities backed by Britain's central bank under a plan announced today, the Wall Street Journal reports. The move by the Bank of England, aimed at boosting  liquidity and confidence in the banking system, follows similar... More »

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Federal Reserve • Gordon Brown • mortgage • Bank of England • Alistair Darling • mortgage lender • consumer debt

Lenders Turning Blind Eye
to Overdue Payments

Overwhelmed banks taking much longer to foreclose on homes

Apr 4, 08 4:24 PM CDT
(Newser) - 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... More »

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

1 - 20 of 27 Stories | 1 2 Next >>


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