Overdue mortgages linked to risky loans
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An explosion in overdue mortgages tailored to home buyers with less-than-sterling credit has driven foreclosure filings to record highs in Massachusetts.
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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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At a Senate Banking Committee hearing yesterday, legislators and consumer advocates prodded federal banking regulators to move more quickly to put restrictions on non-traditional mortgage lending, because, they said, the new kinds of mortgages may place borrowers and lenders at financial risk.
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As the appetite for home loans soared, the apparent inability of lenders to spot suspicious transactions is puzzling to some.
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In the wake of the subprime mortgage meltdown, traditional financial institutions have tightened up on who gets to borrow money. But some people are still finding ways to borrow what they need, thanks to another area of lending that is booming.
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As subprime mortgage defaults grow, investment banks find themselves reluctantly holding mortgages.
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Countrywide Financial Corp., its stock pummeled this week by rumors of bankruptcy and lackluster housing market forecasts, said Wednesday the percentage of borrowers who missed payments on home loans last month rose, signaling worsening trouble for the nation's largest mortgage lender and for the entire mortgage sector.
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Regulators are trying to punish Wall Street for mortgage finance practices that expanded home ownership and spread risk among a host of new players Â but also may have duped borrowers and investors who supplied cash to fuel a housing boom that's turned bust.
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Troubles in mortgageland may get  worse before they get better, especially for the so-called  &quot;subprime&quot; borrowers whose spotty credit histories put them  into more costly loans.
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Business & money: Fresh evidence emerges over the depth of America's sub-prime mortgage crisis.
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Troubles in mortgageland may get worse before they get better, especially for subprime borrowers, whose spotty credit histories put them into more costly loans.
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Danger lurks down the road for people with interest-only mortgages.
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Investors who tried to turn a profit on the housing market are having an outsize influence on surging mortgage defaults in former boom states like California and Florida, a banking industry group said Thursday.
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Many U.S. banks have made it harder for creditworthy borrowers to get a mortgage, according to a Federal Reserve survey released Monday that underscored the spread of a painful credit crunch.
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During the recent U.S. housing boom, mortgage lenders touted so-called exotic mortgages that allowed people to buy houses they could not otherwise afford. Now those lenders are bracing for the not-so-happy story of borrowers like Jesline Jean-Simon.
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The US housing downturn may have serious financial repercussions, experts warn, hitting investment funds linked to sub-prime lending.
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Distinctions between local economies are being overridden by a mortgage market that has made it more difficult for many would-be home-buyers to obtain financing.