News

2012

February

10

• Mortgage plan gives billions to homeowners, but with exceptions. As state and federal authorities announced the details of their $26 billion mortgage settlement with big banks on Thursday, millions of American homeowners were hoping that this time they would finally get relief. Some, like…

09

• States negotiate $26 billion deal for homeowners. After months of painstaking talks, government authorities and five of the nation’s biggest banks have agreed to a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed…

07

• Foreclosure deal doesn’t go far enough. As state and federal officials near completion of a settlement with banks over shoddy foreclosure practices, a question that has loomed over the talks for months remains: Is it a good enough deal? After nearly…

06

• Deal is closer for a U.S. plan on mortgage relief. With a deadline looming on Monday for state officials to sign onto a landmark multibillion-dollar settlement to address foreclosure abuses, the Obama administration is close to winning support from a crucial state that would significantly…

04

• A dream of homeownership, still beyond reach. Like many young married people, Steve and Logan Kinney dream of owning a home. So after several years of diligent saving, the couple, both teachers, scoured the listings in Boerum Hill, the leafy Brooklyn neighborhood…

02

• Obama announces home refinancing plan. President Obama on Wednesday made his latest pitch to lift the nation’s beleaguered housing market, unveiling a series of proposals to help struggling borrowers reduce their monthly payments and to stem the continuing slide in…

01

• America is becoming a nation of renters. There was fresh data from the government Tuesday showing that the American dream of owning a home is fading fast. The share of all U.S. privately-owned houses that stood empty fell in the fourth quarter…

January

31

• N.C. bank commissioner to oversee foreclosure settlement. North Carolina Bank Commissioner Joseph Smith will serve as a monitor to make sure the nation’s largest banks abide by the terms of a multibillion-dollar settlement over widespread foreclosure abuses, people familiar with the negotiations…

30

• Freddie Mac bets against homeowners. Freddie Mac, the taxpayer-owned mortgage giant, has placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates. Freddie began increasing these bets dramatically in late…

• Who benefits from possible $25B mortgage settlement?. After nearly a year of negotiations, federal and state officials and major mortgage servicers are moving closer to amultibillion-dollar settlement over alleged foreclosure and mortgage loan-servicing abuses. A deal could be finalized by early February,…

29

• Homeowner wins back her house after fighting foreclosure. Foreclosure commonly represents the end of a struggle. A borrower can't pay a mortgage, loses a home and moves on. But Karen Mena, a 38-year-old county worker, never gave up. Mena fought even after her…

26

• Obama initiatives to address foreclosure crisis face hurdles. Two new initiatives from President Obama to address the foreclosure crisis — more help for struggling homeowners and aggressive investigations of financial firms — face significant hurdles as the nation's real estate troubles linger in…

25

• President to offer way for easing home debt. The White House plans to propose legislation that could allow a few million homeowners to reduce monthly mortgage payments by refinancing their current loans into new ones guaranteed by the Federal Housing Administration. The program…

24

• Settlement with mortgage lenders "inadequate". As Obama administration officials pushed Monday toward finalizing a deal with the nation’s largest banks over widespread foreclosure abuses, they encountered a fresh wave of criticism from a familiar source: Liberal activists and consumer advocates…

19

• Mortgage settlement deal "very close". The federal government is "very close" to a settlement with mortgage servicers that could help a million homeowners by reducing what they owe on their mortgages, Housing Secretary Shaun Donovan told a meeting of the…

18

• Families fighting for their homes. With more than 200,000 households receiving foreclosure notices each month, there are bound to be a few mistakes. But for some unlucky homeowners, these blunders carry some serious consequences. Maria and Joseph Perez were threatened…

17

• Credit card debt drops. Consumers whacked down credit card debt by 11% last year, and average debt loads dropped in every state. The average credit card balance for 2011 was $6,576, down from $7,404 the previous year, according to…

13

• Credit score zealots pursue fool’s errand over 800. eff Rose, a 33-year-old financial planner, is trying to improve his credit score even though it’s 780, which is 69 points above the median score. Rose, who lives in Carbondale, Illinois, said he opened up…

• Foreclosure reviews to take longer than expected. Reviews of hundreds of thousands of foreclosure cases ordered by regulators last year will take months longer to complete than first expected, according to documents filed with federal banking regulators. The delays could postpone compensation…

12

• Foreclosures expected to rise, pushing home prices lower. California and other states are likely to see an enormous wave of long-delayed foreclosure action in the coming year as banks deal more aggressively with 3.5 million seriously delinquent mortgages. And experts said that dealing…