Lenders Offer Plan to Head Off Foreclosures
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A group of major mortgage lenders will allow some homeowners facing foreclosure to delay losing their homes for 30 days.
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The lender said it would offer refinancing or modifications on loans whose interest rate is set to adjust by the end of 2008.
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Lenders launched foreclosure actions against more than one in every 200 U.S. mortgage borrowers in the fourth quarter of 2006, the biggest share of homes at the start of the repossession process on record.
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An alliance of mortgage counselors,  lenders and servicing companies on Friday said the industry  helped 370,000 homeowners avert foreclosure in the second half  of 2007.
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Mortgage refinancing is available ... for those who need it least.
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ORLANDO, Dec. 17 -- Treasury Secretary Henry M. Paulson Jr. chose this hotbed of the mortgage crisis to begin a three-city tour defending the administration's plan to prevent hundreds of thousands of homeowners from going into foreclosure.
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The lender said it would offer refinancing or modifications in loans whose interest rates are set to adjust by the end of 2008.
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The Federal Reserve and other banking regulators issued special guidance Tuesday urging loan service companies to work with borrowers in danger of defaulting on their home mortgages.
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U.S. banking regulators on Tuesday urged mortgage servicers to be proactive and contact borrowers at risk of default to help them avoid foreclosure and keep their homes.
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A wave of foreclosures could be prevented if the largest federal home-ownership program were open to more delinquent borrowers, according to a study being mulled by the nation's largest mortgage investor group.
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More than two million subprime adjustable rate mortgages (ARMs) are poised to reset at much higher rates in coming months, worsening an already suffering housing market.
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WASHINGTON -- The number of homeowners receiving foreclosure notices hit a record high in the spring, driven up by problems with subprime mortgages.
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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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Banking regulators on Tuesday urged servicers of securitized mortgages to proactively contact borrowers at risk of default to help them avoid foreclosure and keep their homes.
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A federal regulator yesterday suggested that a measure that would allow Fannie Mae and Freddie Mac to take on jumbo mortgages could divert loan money from less expensive housing.
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The House on Tuesday approved a plan to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure
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Banking regulators on Friday completed guidelines that call on lenders to strictly evaluate borrowers' ability to repay home loans.