U.S. lenders cut deals to avoid foreclosure crisis
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In a relatively short space of time, Sharon Jackson lost her mother, her sister, and her job and came within a whisker of losing her home of 20 years as well.
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Fannie Mae, the biggest source of money for U.S. home mortgages, broke accounting rules for financial contracts designed to protect against swings in interests rates.
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The nationâs number 2 buyer and backer of home mortgages saw a 45 percent drop in second-quarter profits after setting aside $300 million to account for bad loans.
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The leading realty trade group on Wednesday cut its 2007 forecast for U.S. home sales and prices, saying both would slide this year with sales hitting a five-year low.
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Fremont Investment &amp; Loan yesterday agreed to postpone foreclosure proceedings against 2,200 Massachusetts homeowners after state officials determined the lender gave subprime mortgages to borrowers who could not afford the loan payments.
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A new plan by six major lenders to delay home foreclosures for some borrowers won't be any more effective than a government-brokered temporary rate freeze program rolled out several weeks ago, a top U.S. banking regulator said on Wednesday.
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The easy money is making a quick exit out of risky mortgages.
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Citing a Massachusetts law that just went into effect, Morgan Stanley and Citigroup Global Markets Realty Corp. could stop purchasing a category of mortgages refinanced by Massachusetts homeowners, a move that could make it harder to refinance a home loan.
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Renewed signs of strength in the U.S. economy have forced a number of Wall Street firms to back away from forecasts for interest rate cuts this year.
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Countrywide Financial Corp.,  the largest U.S. mortgage lender, said on Monday that  foreclosures rose to a five-year high and turmoil in the  subprime market may hurt earnings, and its shares fell.
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Countrywide Financial Corp , the largest U.S. mortgage lender, plans to cut 10,000 to 12,000 jobs to cope with weakened housing demand, rising foreclosures, and tightening credit markets.
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The OECD on Wednesday reduced its forecast for U.S. economic growth and recommended a rapid cut in interest rates to limit the fallout from a housing and mortgage market slump that has sparked global financial market turmoil.
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The crisis in the U.S. subprime mortgage market has heightened tension between mortgage lenders and brokers who both hope to shape any laws aimed at stamping out dangerous loans.
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After escaping a rising tide of  subprime defaults earlier this year, leading U.S. investment  banks and brokerages face an opaque offshoot of those risky  mortgages.
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Applications for U.S. home mortgages  dropped last week as a decrease in purchasing activity offset  an increase in refinancing activity, an industry group said on  Wednesday.
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Countrywide Financial Corp, the largest U.S. mortgage lender, plans to cut 10,000 to 12,000 jobs to cope with weakened housing demand, rising foreclosures, and tightening credit markets.
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Europeâs biggest bank said it would close an American unit as it scales back risk-taking after writing down the value of subprime mortgage investments by $14.7 billion last year.