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House passes bill on housing
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WASHINGTON - The House passed a massive homeowner rescue plan yesterday to provide cheaper, government-backed mortgages to half a million debt-ridden borrowers and bolster an economy crippled by the housing crisis.
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Mortgage crisis seeps to prime loans; Pain felt beyond subprime market
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The first concrete evidence that delinquencies on mortgage bills have spread well beyond those with subpar credit shows that even prime borrowers have increasingly fallen behind on their house payments.
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House debates measure to help struggling homeowners refinance; However, opposition includes threat.
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WASHINGTON -- Despite a threatened veto, the House on Wednesday debated a broad housing package intended to help hundreds of thousands of troubled homeowners refinance into cheaper mortgages and provide tax breaks for first-time buyers.
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Fed chief urges action on foreclosure crisis
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As the House prepared to take aggressive steps to stem the wave of home foreclosures, Federal Reserve Chairman Ben S. Bernanke on Monday night endorsed the need for government intervention, saying that letting markets take their own course could "destabilize communities, reduce the property values of nearby homes and lower municipal tax revenues." In a speech in New York, the central bank chairman reiterated his controversial call for lenders and mortgage service companies to consider cutting...
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Have we reached the bottom yet?; Journalists, business leaders caught in economic storms
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BALTIMORE -- For the 200 financial journalists, as well as the Wall Street and banking leaders who gathered for a conference last week, Gloria Gaynor's anthem to defiance, "I Will Survive," was a fitting choice to conclude the first day. The investment and journalist worlds are on opposite sides of the news game, but both are reeling from a tough economy. And that was reflected in the banquet halls and meeting rooms of the 45th annual conference of the Society of American Business Editors and...
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HOUSING; Saving broken mortgages; Investors buy loans cheaply and offer homeowners new terms
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Jared Lanning, struggling to pay a home loan on which he owed more than his house was worth, was thinking he might just let the lender take back the property. Then he got a call one evening from an Orange County investor who had bought his mortgage. "I want out of your loan," said the investor, Evan Gentry, chief executive of G8 Capital of Ladera Ranch, who offered to lower the balance and the interest rate. Lanning, a crane operator in Englewood, Colo., was skeptical. A phone pitch, after...
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Interest rate cut could help ARM holders; Some credit card users may also get break
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The Federal Reserve's action on Wednesday was the latest in an interest-rate-cutting drive over eight months that's helped lower the yields that many adjustable-rate mortgages are tied to. Thanks to the Fed's cuts, the rates to which those ARMs have been resetting have sometimes saved homeowners hundreds of dollars a month. For some struggling mortgage holders, the lower rates have helped stave off delinquencies or foreclosures. "This could be the difference between a person being current (on...
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ACQUISITIONS; Fed is faulted at L.A. hearing; The agency takes heat at a panel on BofA's bid for..
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The Federal Reserve held an unusual hearing Monday in Los Angeles on Bank of America Corp.'s proposed $4-billion takeover of troubled Calabasas mortgage lender Countrywide Financial Corp. But it was the Fed itself that came in for some of the harshest criticism. U.S. Rep. Maxine Waters (D-Los Angeles) and others said the Fed needed to atone for failing to rein in the loose credit policies that brought down scores of lenders, took No. 1 mortgage maker Countrywide to the brink of collapse and...
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On second thoughts; Interest rates
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Is America's aggressive monetary easing about to end? YET another big rate cut: until recently that is exactly what many investors were expecting of the Federal Reserve's next policymaking get-together on April 29th and 30th. After all, bold rate cuts have become the Fed's hallmark. Between late-January and mid-March, America's central bank slashed short-term interest rates by two percentage points, to 2.25%, as it staunchly sought to cushion America's economy from the fallout of the credit...
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MORTGAGES; Housing fixes face obstacles; A House panel's plan may founder amid voter anger,...
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Nine months into the worst housing crisis in a generation, Congress this week took up the most aggressive government plan so far to break spiraling home foreclosures and tumbling house prices that threaten to pull the economy down. But even as a key House committee began to mark up the bill Wednesday, there were signs that the measure could be caught up in a crippling political crossfire. Mortgage industry intransigence, voter anger over possible government aid for speculators and economists'...
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