Reports Suggest Broader Losses From Mortgages
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The estimated $2 trillion to $4 trillion loss in real estate wealth could be more damaging to the public than falling stock values.
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Rising interest rates hurt the value of hedges it holds to protect profits on its mortgage portfolio.
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Freddie Mac, the No. 2 U.S. mortgage finance company, on Thursday reported an unexpected net loss of $211 million for the first quarter, citing a souring outlook for mortgage credit risk that widened credit spreads.
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Reports of suspected mortgage fraud have doubled since 2005, and government agencies say they cannot keep up.
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WASHINGTON - About 2 million subprime borrowers will lose their homes to foreclosure through 2009, costing them $71 billion in housing wealth, a congressional report said.
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US mortgage giant Countrywide Financial sees more than $1bn in quarterly losses - but improved forecasts send shares surging.
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Troubles in mortgageland may get worse before they get better, especially for the so-called "subprime" borrowers whose spotty credit histories put them into more costly loans.
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The chances of an economic recession are increasing as troubles in the housing sector and credit markets take their toll, according to a survey of economists released on Monday.
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The nationâs largest mortgage lender and loan servicer reported a $1.2 billion loss in the third quarter of 2007 but said that it expected to return to profitability by the end of the year.
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The bigger-than-expected decline in existing home sales came amid continuing turmoil in mortgage markets.
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Stocks extended losses on Monday as a report showing a decline in existing home sales last month suggested the housing sector remained mired in a downturn.
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The subprime mortgage mess has created a mixed blessing for potential homebuyers.
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The discount broker posts a loss as mortgage-related losses mount.
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Business & money: Heavy losses on stock market as investors worry that combination of rising interest rates and falling house prices will have damaging impact.
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Higher customer fees offset rising loan losses and pressure from interest rates and mortgage lending.
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Stocks extended losses on Tuesday, driving all three major indexes down more than 1 percent, as mounting losses in the subprime mortgage sector caused investors to sell riskier assets.
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KB Home posted a wider-than- expected quarterly loss on Thursday on write-downs for land values and 28 percent fewer homes sold, as a swelling supply of new and existing homes and tighter mortgages kept buyers sidelined.