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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: mortgage

mortgage stories: 153 news summaries

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ANALYSIS

 How Bush 
 Fueled the 
 Mortgage 
 Mess 

His philosophy at center of housing crisis

Dec 21, 08 6:52 AM CST
(Newser) - A range of factors led to the housing crisis that dragged the economy into the toilet—but President Bush’s philosophy likely played a key role in the collapse, reports the New York Times. Dozens of interviews point to both Bush’s drive to expand homeownership and his steadfast belief... More »

MORE ABOUT:
Bush administration • philosophy • mortgage • market • homeownership • housing crisis • mortgage delinquency • George W. Bush

 Cash-Poor NYT 
 Seeks $225M Deal 
 for Building 



Tight credit market, falling profits hurt paper

Dec 8, 08 8:16 AM CST
(Newser) - Facing declining profits and tight credit, the New York Times is looking to raise $225 million by borrowing against the 58% share the company holds in its new Renzo Piano-designed skyscraper in Times Square, the paper reports. The Times hopes to either take out a mortgage on the 52-story building... More »

MORE ABOUT:
New York Times • mortgage • credit crisis • Renzo Piano • commercial real estate • financial crisis • newspaper industry

Bernanke Plugs More Help
for US Homeowners

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

Dec 4, 08 4:54 PM CST
(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 »

MORE ABOUT:
Ben Bernanke • Federal Reserve • foreclosure • mortgage • mortgage rates • mortgage debt • housing bubble • mortgage defaults • mortgage delinquency • financial crisis

 Obama: 
 We've Got 
 to Stop 
 Foreclosures 

President-elect also backs aid for auto industry, but not a 'blank check'

Nov 16, 08 7:07 AM CST
(Newser) - Saving people's homes from bank foreclosures will be a priority of his economic crisis plan, President-elect Obama said in an interview airing tonight on 60 Minutes. "We've got to set up a negotiation between banks and borrowers so that people can stay in their homes. That is going... More »

MORE ABOUT:
Barack Obama • foreclosure • mortgage • housing • subprime crisis • financial crisis • President Obama

Fannie, Freddie to Offer Mass Loan Modifications

Housing giants aim to reduce foreclosures

Nov 11, 08 10:37 AM CST
(Newser) - Fannie Mae and Freddie Mac will roll out a plan today to modify hundreds of thousands of loans in an effort to prevent foreclosures, the Wall Street Journal reports. The mortgage giants, under federal conservatorship, aim to reduce mortgage payments to no more than 38% of household income. Private banks... More »

MORE ABOUT:
foreclosure • mortgage • housing • Freddie Mac • Fannie Mae • loan • subprime crisis • financial crisis

Fannie Mae
Posts Stunning
Losses

Lender bled $29B last quarter, dwarfing total bubble gains

Nov 10, 08 5:00 PM CST
(Newser) - Fannie Mae lost more in the third quarter of this year than it gained from soaring house prices between all of 2002 and 2006, the New York Times reports. The massive $29 billion loss, mainly from asset writedowns, means the company may need more than the $100 billion pledged from... More »

MORE ABOUT:
housing market • mortgage • Freddie Mac • Fannie Mae • writedowns

JPMorgan Plans Relief for $110B in Mortgages

WaMu customers included in measure to avoid foreclosures

Oct 31, 08 2:22 PM CDT
(Newser) - JPMorgan Chase will help distressed homeowners by reducing interest rates or principal balances for $110 billion in mortgages, Bloomberg reports. The restructuring applies to clients of Washington Mutual, which JPMorgan agreed to buy last month. Foreclosures will be suspended on all loans for the next 90 days while the relief... More »

MORE ABOUT:
mortgage • Washington Mutual • WaMu • refinanced mortgages • subprime crisis • mortgage defaults • JPMorgan Chase • financial crisis

Feds Near $50B Plan to Guarantee 3M Mortgages

Treasury, FDIC working on measure to help avoid more foreclosures

Oct 29, 08 4:36 PM CDT
(Newser) - The Treasury Department and the FDIC are working on a plan to guarantee the mortgages of 3 million struggling homeowners, the Washington Post reports. Under the plan, lenders would reduce monthly payments so owners could avoid foreclosure. If the homeowners defaulted anyway on the reconfigured loan, the government would repay... More »

MORE ABOUT:
foreclosure • mortgage • Treasury Department • FDIC • housing crisis • bailout • financial crisis

Clinton Housing Chief Paved the Way for Risky Loans

How American Dream Became Economic Nightmare

Oct 19, 08 11:27 AM CDT
(Newser) - The top housing chief of the Clinton administration helped launch a major financing wave that transformed the American dream of homeownership into reality for thousands of people—whether they could afford it or not, reports the New York Times. From his post, Henry Cisneros loosened mortgage restrictions for first-time buyers,... More »

MORE ABOUT:
White House • Bill Clinton • foreclosure • mortgage • housing • Department of Housing and Urban Development • financial crisis • financial meltdown • Henry Cisneros

McCain's Housing Rescue Plan: What Is It? Is It New?

Candidate surprises with question-laden bailout proposal

Oct 8, 08 8:54 AM CDT
(Newser) - John McCain’s proposal to bail out homeowners by buying up their troubled mortgages, the only policy surprise in last night’s debate, left observers scrambling to understand how it was—if it was—different from the Treasury’s existing bailout plan. The proposal, fleshed out by the campaign, would... More »

MORE ABOUT:
John McCain • mortgage • New Deal • McCain 2008 • subprime crisis • Election 2008 • bailout

 GM May Sell Detroit Home Base 

Firm seeks investment from pension funds in landmark Renaissance Center

Oct 7, 08 4:46 PM CDT
(Newser) - General Motors will ask to borrow $500 million from pension funds for Detroit city employees to refinance its headquarters, the Renaissance Center, the News reports. The firm will make a pitch to the police and fire retirement system Thursday; GM will consider selling the landmark and leasing office space inside... More »

MORE ABOUT:
real estate • General Motors • Detroit • mortgage • investment • Renaissance Center

Mortgage Forgiven After 90-Year-Old Shoots Herself

Fannie Mae dismisses foreclosure action after House hears of woman's plight

Oct 4, 08 6:06 AM CDT
(Newser) - Fannie Mae will let 90-year-old Addie Polk keep her house and forgive her mortgage, the Akron Beacon-Journal reports. The widow shot herself in the chest Wednesday as deputies arrived to evict her from her home of 40 years. Rep. Dennis Kucinich raised the Ohio woman's plight in the House yesterday... More »

MORE ABOUT:
Ohio • Dennis Kucinich • foreclosure • mortgage • Akron • Fannie Mae

analysis

What Will Taxpayers Shell
Out for All This?

Some bailouts are more risky, some less—and add up to $1 trillion

Sep 28, 08 1:44 PM CDT
(Newser) - If a $700 billion federal bailout sounds like a lot, it is—but Washington will actually shell out $1 trillion in all of its present and proposed plans. Between Henry Paulson's plan, and bailouts of Bear Stearns, AIG, and Fannie Mae and Freddie Mac, the Wall Street Journal breaks down... More »

MORE ABOUT:
Ben Bernanke • mortgage • national debt • budget deficit • subprime crisis • taxpayers • bailout • American Insurance Group • financial crisis

As Foreclosures Rise, Fraud Cases Balloon

Equity scammers take advantage of ignorant, desperate owners

Sep 22, 08 1:03 PM CDT
(Newser) - Running parallel with spiking foreclosure rates, so-called “foreclosure rescue scams” have reached epic proportions, and many state and local agencies aren't equipped to fight back, MSNBC reports. Companies that promise to help floundering property owners keep their homes and avoid the stigma of foreclosure are instead milking them for... More »

MORE ABOUT:
fraud • crime • foreclosure • mortgage • equity • equity stripper • eviction • banks

 Feds Outline 
 Fannie, Freddie 
 Bailout 

Gov't will step in as conservator; Treasury will buy preferred stock

Sep 7, 08 11:28 AM CDT
(Newser) - Citing Fannie Mae and Freddie Mac as "critical to turning the corner on housing," Treasury Secretary Henry Paulson this morning announced a bailout of the beleaguered mortgage companies that includes his agency purchasing preferred stock, while the Federal Housing Finance Agency will step in as conservator. Additionally, Treasury... More »

MORE ABOUT:
Ben Bernanke • housing market • mortgage • Freddie Mac • Fannie Mae • Treasury Department • Federal Housing Administration • securities • financial crisis

Forget Renting: Friends Now Buying Homes Together

Bargain housing prices lure young professionals looking to invest

Aug 27, 08 8:34 AM CDT
(Newser) - The cooled-down housing market and lower prices are attracting new buyers: groups of young professionals who want to invest but don’t quite have the dough to buy their own place. Instead, they’re buying homes with friends and splitting the mortgage, maintenance costs—and the tax break, Time reports.... More »

MORE ABOUT:
real estate • housing market • mortgage • communal homeowners

(Newser) - Nearly a third of US homeowners who bought in the last 5 years owe more on their mortgage than their house is worth, according to a report by Internet valuation site Zillow. Prices of houses dropped 9.9% in the second quarter, compared to the previous year, sending 29% of... More »

MORE ABOUT:
California • housing market • mortgage • home equity • negative equity

(AP) - President Bush today signed the massive housing bill intended to provide mortgage relief for 400,000 struggling homeowners and stabilize financial markets. The measure, signed without the ususal fanfare, is one he earlier threatened to veto. Regarded as the most significant housing legislation in decades, it lets homeowners who cannot... More »

MORE ABOUT:
housing market • mortgage • George W. Bush

Pelosi: 'I Am Not Giving the Gavel Away to Anyone'

Speaker muses on wielding power in contentious era

Jul 29, 08 12:18 PM CDT
(Newser) - Newly minted author Nancy Pelosi launched her book tour this week, and one of the first stops is a sit-down with Politico. Of her hard-nosed blockade of GOP attempts to authorize offshore drilling, she says, “I’m trying to save the planet. I will not have this debate trivialized... More »

MORE ABOUT:
Nancy Pelosi • GOP • mortgage • power • children's health care • George W. Bush • offshore oil

House Passes Huge
Housing Rescue Bill

Measure should clear Senate soon; Bush says he'll sign it

Jul 23, 08 5:34 PM CDT
(Newser) - The House today approved a massive bill to provide relief for struggling homeowners, communities hit hard by the housing crisis, and mortgage giants Fannie Mae and Freddie Mac, the Hill reports. The bill passed 272-152 hours after President Bush switched course and said he would not veto it. The measure... More »

MORE ABOUT:
mortgage • House of Representatives • Freddie Mac • Fannie Mae • housing crisis • bailout

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