U.S. households continued to shave debt in the fourth quarter as mortgage balances declined, while there were tentative signs Americans are increasingly willing to spend, according to a report released on Monday by the New York Federal Reserve.
Bank of America Corp appears to be going it alone in not selling mortgage loans to Fannie Mae, a move that, while sending an angry signal to the nation's largest mortgage-buyer, could force the bank to charge less attractive mortgage rates.
Bank of America Corp appears to be going it alone in not selling mortgage loans to Fannie Mae, a move that, while sending an angry signal to the nation's largest mortgage-buyer, could force the bank to charge less attractive mortgage rates.
Arizona and Florida were ground zero for the housing boom and subsequent crash, but the multifamily sector is finally showing signs of life, with developers again planning new projects.
Federal Reserve Bank of San Francisco President John Williams defends the Fed's aggressive monetary policy, citing continuing reverberations from the housing crash.
The recent U.S. housing bubble and resulting severe recession discouraged an entire generation of potential home buyers, who see ownership of a residence as far riskier than preceding generations did, a top U.S. central banker said Friday.
Top Federal Reserve officials said on Friday the U.S. central bank's ultra-easy policy is appropriate for a sluggish economy but one policymaker said further easing would only be warranted if conditions worsen.
January sales of new single-family homes in the U.S. declined 0.9 percent to a seasonally adjusted annual rate of 321,000, but December sales were revised upward, suggesting a nascent housing market recovery.
The Bank of America Thursday said that it would no longer provide new mortgages to Fannie Mae following the escalation of disagreement over who should be bearing the cost for defective mortgages.
At least one large financial institution has approached the Federal Reserve Bank of New York with an offer to buy out the remaining mortgage-backed toxic waste bonds it received from AIG as collateral for a $19.5 billion bailout in 2008, according to Bloomberg News, as banks are looking to profit from what many see as an incipient turnaround in the U.S. housing market.
U.S. 30-year fixed-rate mortgage rates rose to 3.95 percent in the week ending Feb. 23 from a record low of 3.87 in the previous week, Freddie Mac said.
Mortgage rates have bounced off a 26-year historic low in the week of Feb. 22, 2012. However, the forecast for 2012 and beyond for rates is still muted.
U.S. central bank officials have good reason to be skeptical about the strength of the economy: excessive optimism has caught them flat-footed before.
The Federal Housing Finance Administration (FHFA), overseer of Fannie Mae and Freddie Mac, detailed a plan on Tuesday for the companies' uncertain futures, grappling with the challenges of political hostility, reluctant private investors and a fragile housing market.
Sales of existing U.S. homes rose 4.3 percent to 4.57 million in January, up from a revised 4.38 million in December, according to the National Assocation of Realtors, marking further improvement in the housing market as interest rates remained low and the job market saw gains.
Applications for U.S. home mortgages tumbled last week as demand for loan refinancing sagged, an industry group said on Wednesday.
