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NEWS ABOUT: mortgage delinquency

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Bailout Turns to Shore Up Credit Unions

$41B will focus on largest; most haven't seen a dime yet

(Newser) - Largely overlooked by federal regulators managing the bailout, credit unions will receive  $41 billion in lending to brace a handful of the largest institutions in a plan expected to be announced this week, the Wall Street Journal reports. The plan is intended to bring relief to as many as 10,... More »

Bernanke Plugs More Help for US Homeowners

Fed chief outlines ideas for public, private sector to slow foreclosures

(Newser) - Ben Bernanke says more must be done to halt record US home-foreclosure rates, the New York Times reports. The Federal Reserve chief suggested several options today, including the government buying bad mortgages en masse and refinancing them through a government-insured program, and strengthening a scheme aimed at lowering homeowners’ monthly... More »

Citi to Aid Homeowners by Modifying $20B in Mortgages

The bank will amend mortgages to assist 130,000 borrowers

(Newser) - Citigroup will modify up to $20 billion in mortgages for borrowers current on their payments but at risk of falling behind, the bank announced this morning, mirroring similar moves by Bank of America and JPMorgan Chase. Citi will reach out to half a million borrowers, ultimately reducing monthly payments for... More »

FDIC Plan Tests Strategies for Keeping People in Homes

Systematic reworking faces typical hurdles

(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 »

Lenders Turning Blind Eye to Overdue Payments

Overwhelmed banks taking much longer to foreclose on homes

(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 »

Foreclosures Soar in Q4

Borrowers' poor credit, not rate resets, blamed for latest spike

(Newser) - Home foreclosures and mortgage delinquency in the US saw record highs in the last three months of 2007. Reuters reports that 0.83% of US loans entered foreclosure in the fourth quarter, close to double the 0.54% of the same period in 2006. Mortgage delinquency hit 5.82%, the... More »

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