Feb. 15 at 9:46 a.m.
Filed under:
Consumer news,
Credit Cards,
Mortgages
By Wailin Wong
Consumer credit default rates dropped in Chicago in January on a monthly and year-over-year basis, according to data released Tuesday by Standard & Poor’s and Experian.
The two firms track default rates across lines of consumer credit such as first and second mortgages, bank cards and auto loans. Chicago is one of five major cities that the S&P/Experian index breaks out separately. In Chicago, the January default rate was 2.74 percent, a decline of 42 percent from January 2010 and down 12 percent from December 2010. Get the full story »
Feb. 11 at 8:00 a.m.
Filed under:
Housing,
Mortgages,
Real estate
By Associated Press
The Obama administration on Friday declared the public-private housing finance model in place for the past four decades was dead but pledged to continue backing exisiting obligations of Fannie Mae and Freddie Mac.
“The GSE model is dead,” an Obama administration official told reporters as the Treasury Department released a long-awaited report on options to revamp housing reform. Get the full story »
Feb. 10 at 1:40 p.m.
Filed under:
Housing,
Mortgages,
Real estate
By Dow Jones Newswires
Mortgage rates rose in the latest week, with the average rate on 30-year fixed-rate mortgages climbing to the highest level since last April, according to Freddie Mac’s weekly survey of mortgage rates.
“Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week,” said Freddie Chief Economist Frank Nothaft. Get the full story »
Feb. 9 at 6:06 a.m.
Filed under:
Housing,
Mortgages,
Real estate
By Dow Jones Newswires-Wall Street Journal
The White House will propose a path to wind down and eventually eliminate Fannie Mae and Freddie Mac and specify a range of options to replace the mortgage companies that have played a central role in the housing market for decades, according to people familiar with the matter.
The Obama administration is due to release its proposal for the future of the nation’s $10.6 trillion mortgage market as soon as Friday, outlining steps to gradually reduce the government footprint in the mortgage market. Together with federal agencies, Fannie and Freddie have accounted for nine of 10 new loan originations in the past year. Get the full story »
Feb. 8 at 11:07 a.m.
Filed under:
Government,
Housing,
Mortgages,
Real estate
By Reuters
The White House budget proposal to be unveiled next week includes an increase in borrowing costs for loans backed by the Federal Housing Administration, industry sources said Tuesday.
The move is part of a broader revamp of the U.S. housing finance system to reduce the role of the government in the mortgage market, including a gradual wind-down of government-controlled mortgage finance companies Fannie Mae and Freddie Mac.
Feb. 3 at 12:45 p.m.
Filed under:
Mortgages,
Real estate
By Dow Jones Newswires
Mortgage rates were mostly unchanged the latest week, with the average rate on 30-year fixed-rate mortgages barely edging up, according to Freddie Mac’s weekly survey.
“Mortgage rates held relatively stable this week on news that the economy improved and inflation remained in check at the end of 2010,” said Freddie Chief Economist Frank Nothaft. Get the full story »
Feb. 1 at 11:32 a.m.
Filed under:
Mortgages,
Real estate
By Reuters
Ally Financial Inc, the auto and mortgage lender majority-owned by the U.S. government, posted its fourth consecutive quarterly profit as it prepares for an initial public offering this year. Get the full story »
Jan. 31 at 4:36 p.m.
Filed under:
Housing,
Mortgages,
Real estate
By Mary Ellen Podmolik
The number of delinquent Chicago-area borrowers in permanent mortgage loan modifications fell in December for the first time since the government started its program to help troubled consumers keep their homes.
According to Treasury Department data released Monday, 27,121 local borrowers have received permanent loan modifications since the Home Affordable Modification Program began 21 months ago, compared with 27,176 in November. Get the full story »
Jan. 27 at 3:57 p.m.
Filed under:
Banking,
Investing,
Litigation,
Mortgages
By Reuters
Bank of America Corp.’s Countrywide mortgage unit was hit with at least three new lawsuits accusing it of misleading investors about its finances and lending practices, and may face more by investors who chose not to join a recent class-action settlement.
Wednesday’s lawsuits by the states of Michigan and Oregon and by Fresno County in California were filed five days after Bank of America said it may incur an additional $6.1 billion of writedowns and legal costs tied primarily to Countrywide, which it bought in July 2008. Get the full story »
Jan. 27 at 9:13 a.m.
Filed under:
Mortgages
By Associated Press
The average rate on the 30-year fixed mortgage rose slightly this week, following increases in bond yields.
Freddie Mac says the average rate rose to 4.80 percent this week from 4.74 percent the previous week. It hit a 40-year low of 4.17 percent in November. Get the full story »
Jan. 26 at 11:33 a.m.
Filed under:
Mortgages,
Real estate
By Dow Jones Newswires
U.S. mortgage lending is projected to sink 36 percent this year to the lowest level since 1997, a trade group said Wednesday.
The Mortgage Bankers Association forecast new loans will fall to $966 billion in 2011 from $1.5 trillion this year. Get the full story »
By Dow Jones Newswires
The Financial Crisis Inquiry Commission has concluded that the 2008 financial crisis in the U.S. was caused by a combination of corporate errors, regulatory failure and excessive risk-taking by Wall Street firms, the New York Times reported online Tuesday. Get the full story »
By Dow Jones Newswires
Countrywide Financial, a unit of Bank of America Inc., conducted a “massive fraud” over its mortgage-backed securities, according to a lawsuit brought by investors, including TIAA-CREF Life Insurance Co., New York Life Insurance Co. and Dexia Holdings Inc., Bloomberg News reported Tuesday on its Web site. Get the full story »
Jan. 21 at 6:20 a.m.
Filed under:
Banking,
Earnings,
Mortgages
By Reuters
Bank of America Corp., the largest U.S. bank by assets, reported a second straight quarterly loss, driven by a $2 billion writedown of its mortgage business. Get the full story »
Jan. 20 at 9:08 a.m.
Filed under:
Housing,
Mortgages,
Real estate
By Associated Press
Rates on the 30-year fixed mortgages rose slightly this week, following increases in Treasury yields. Freddie Mac says the average rate rose to 4.74 percent this week from 4.71 percent the previous week. It hit a 40-year low of 4.17 percent in November. Get the full story »
