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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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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Lenders say the move which tightened ÂexoticÂ mortgages might stifle the use of loans that make houses more affordable.
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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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Big banks have pulled the plug on a Treasury Dept.-backed plan to rescue troubled investment vehicles leveled by the subprime mortgage crisis.
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U.S. mortgage lenders are cutting advertising budgets due to a global credit squeeze, but they are not likely to reduce Internet search marketing anytime soon, executives at search leader Google Inc said on Thursday.
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Tax preparer H&R Block Inc.  said the subprime mortgage unit it is selling has lost a credit line, lowering its borrowing capacity closer to the minimum needed for the sale to go through.
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A number of U.S. states are setting up  funds to help homeowners with risky subprime mortgages  refinance to more affordable loans in a bid to slow the rate of  home foreclosures, The Wall Street Journal reported on its Web  site.
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The easy money is making a quick exit out of risky mortgages.
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Mortgage lenders have obeyed demands that they stop charging excessively high mortgage redemption fees.
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About 370,000 strapped U.S. borrowers averted foreclosure last year as a large number of homeowners responded to a government-backed effort by the mortgage industry to stem surging delinquencies.
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Construction of new homes fell in May as the nationâs home builders were battered by the crisis in subprime lending and rising mortgage rates.
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Big banks have pulled the plug on a Treasury Department-backed plan to rescue troubled investment vehicles leveled by the subprime mortgage crisis.
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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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Commercial property owners all over the Boston area may be defaulting on loans to their empty buildings, but lenders are avoiding foreclosures.
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Home foreclosures have set a record in the face of a Fed request to avoid taking homes.
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The nation's housing industry is in a free fall from the subprime mortgage crisis. The budget of the Department of Housing and Urban Development could be facing big cuts. And the agency is still struggling to respond to a slew of natural disasters, including Hurricane Katrina.