As the end of 2011 approaches, the housing market is another year removed from the subprime mortgage meltdown. But the legacy of the crash remains, as homeowners, lenders, regulators and brokers alike continue to deal with falling home prices, a glut of unprocessed foreclosures and an uncertain economy.
Taking a page from Judge Jed Rakoff: a month after a Securities and Exchange Commission settlement with Citigroup was rejected, federal judge in Milwaukee pressed the agency to explain its vague deal with a Wisconsin headphones manufacturer.
U.S. average 30-year fixed-rate mortgages hit another record low of 3.91 percent in the week ending Dec. 22, according to Freddie Mac.
Following the House of Representatives' rejection of legislation to extend the payroll tax cut and jobless benefits for two months, on Tuesday the White House took to social media asking people to comment on what the rejection meant to them. For an average taxpayer earning $50,000 a year, terminating the tax cuts could mean an extra $1000 in Social Security tax from Jan. 1, 2012. When broken down that is about $40 for a pay period of two weeks.
Bank of America stressed that only Countrywide's practices are at issue in Wednesday's announcement of a settlement for discriminatory mortgage lending practices.
A late-day buying spree is causing shares in Bank of America (NYSE:BAC) to soar higher than its big bank peers. The rally began just after 3 p.m., shortly after news broke that the financial institution had settled a federal lawsuit regarding a subsidiary's subprime lending practices for $335 million.
Standard and Poor's, one of the top credit rating agencies in the world, announced today it was lowering the sovereign credit ratings on the Republic of Hungary, slashing that government's debt to 'junk' debt status. The agency also assigned the nation's debt with a 'recovery rating' of 3, meaning it expects investors to be able to obtain from 50 to 70 percent of the country's bonds face value in the event of a default.
Institutional investors such as unions won the right to file private common-law suits against Wall Street firms for alleged securities-related fraud and negligence.
U.S. sales of existing homes were up 4 percent in November to an annual rate of 4.42 million units, according to the National Association of Realtors (NAR), suggesting that a housing recovery is beginning.
The number of new home foreclosures jumped by more than 21 percent in the third quarter as banks moved more aggressively after a pause that began late last year, according to a report released by a bank regulator on Wednesday.
Daniel Mudd, the former CEO of Fannie Mae, will take a leave of absence as CEO of Fortress Investment Group in the wake of an Securities and Exchange Commission (SEC) lawsuit.
Applications for home mortgages slipped last week, led by a drop in purchase demand as low interest rates were not enough to entice home buyers, an industry group said on Wednesday.
The Arizona state economy is expected to grow but at a lower gear than that which the state was accustomed to during the housing-market-driven-growth days, as the economy is still recovering from the recession and the collapse of the housing market.
Bank of America Corp. (NYSE:BAC) completed its swap of common stock and notes for preferred shares as part of its efforts strengthen its capital base ahead of Fed's 2012 stress test.
The regulator for Fannie Mae and Freddie Mac is actively considering a proposal that would allow for a reduction in the outstanding mortgage debt of homeowners in Chapter 13 bankruptcy, Financial Times reported on Tuesday.
The regulator for Fannie Mae and Freddie Mac is actively considering a proposal that would allow for a reduction in the outstanding mortgage debt of homeowners in Chapter 13 bankruptcy, Financial Times reported on Tuesday.
At least in one region of the county at dinner parties, it's the question that's on the lips of prospective home buyers: will home mortgage interest rates fall more? The average fixed rate for a 30-year mortgage for borrowers with good credit has declined to 3.92 percent,
Wells Fargo & Co. (WFC) announced Monday the firm is expanding its international commercial finance capabilities through acquiring Burdale Financial Holdings Ltd and the portfolio of Burdale Capital Finance Inc. from Bank of Ireland Plc (BKIR). The portfolio represents approximately $1 billion in loans outstanding from U.S. and U.K. customers. Bank of Ireland, the nation’s largest bank, will receive about 690 million euros ($899 million) from the sale.
European leaders have not done enough to deal with the region's debt crisis and should probably use the International Monetary Fund to more closely monitor countries with the biggest problems, Canadian Finance Minister Jim Flaherty said on Sunday.
Lloyds Banking Group Plc (LLOY), Britain's biggest mortgage lender, is making a new move to appease political and shareholder anger over executive pay. The bank's 1,000 most senior managers will see their salary frozen in 2012, including Chief Executive Officer António Horta-Osório, who just returned from medical leave last week.
The Senate-passed bill is a two-month extension of the 2 percent payroll tax holiday, federal support of unemployment benefits and an extension of expiring Medicare provisions.
Republican presidential hopeful Newt Gingrich threatened Sunday to have federal judges arrested if they disagreed with his policies as president, ratcheting up his attacks on the judiciary as he tries to halt a slide in his campaign.
