Mortgage Meltdown - Real Estate

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Homebuyers turn screws on desperate sellers

3:50am: It's a buyer's market, and many are trying to take full advantage of it by demanding major home repairs, warranties on home appliances, and even tax rebates. (more)

2 million troubled borrowers avoid foreclosure

Aug 27: The Hope Now coalition reports that it completed a record number of mortgage workouts in July - but that was outpaced by the increasing rate of foreclosures. (more)

Housing fix backfires

Aug 27: A new law was supposed to make it easier for buyers in expensive markets to get affordable loans. Instead, rates are going up for everyone. (more)

Problem banks: What you need to know

Aug 26: The FDIC is keeping close tabs on 117 banks. Here are answers to common questions about how the agency IDs troubled banks. (more)

New home sales rise, but grim news lurks

Aug 26: Sales pace of new homes in July grew 2.4%, due to a large downward revision in sales from the previous month. Unadjusted monthly sales fall to 13-year low. (more)

Home prices plummet in a new record

Aug 26: National prices fell 15.4% in past 12 months. Las Vegas was the worst-hit city, while Denver and Boston saw the biggest price increases. (more)

Mortgage fraud still soaring

Aug 26: A crackdown on underwriting has failed to halt an explosion of fraudulent home loans. (more)

Existing home sales rise, but prices still sinking

Aug 25: Sales by homeowners increased more than expected in July, as median prices fell 7% from July 2007. But supplies still rise to a record high, pushing prices even lower. (more)

Housing: Frank talk from Barney Frank

Aug 25: The veteran congressman thinks his new law can help get us out of our housing slump. Meanwhile, he's not shy about saying who got us into it. (more)

These homes for sale suck

Aug 22: Never before have there been so many squalid, dilapidated homes on the market - and they're helping to exaggerate already-plummeting home prices. (more)

IndyMac borrowers to get relief

Aug 20: FDIC offers plan to systematically modify loans for homeowners most at risk of foreclosure. Agency chief hopes program will spur other banks to take similar measures. (more)

Mortgage applications near 8-year low

Aug 20: A drop in the refinancing of existing mortgages spurs a downturn in applications. (more)

Prospects uncertain for Fannie, Freddie

Aug 20: Government rescue may be on the table as the mortgage finance giants struggle with losses. (more)

Builders' confidence holds at record low

Aug 18: A survey of homebuilders' assessment of the housing market shows the industry's sentiment tied the all-time low level set in July. (more)

Beware the $7,500 'tax credit'

Aug 18: The housing rescue credit may prod some new homebuyers. But the money must be repaid, and the program probably won't be enough to jump start housing market. (more)

Fannie, Freddie shares battered

Aug 18: Fannie stock falls 22% and Freddie 25% to near two-decade lows. Media report suggests the Bush administration doubts mortgage giant firms will be able to raise needed capital. (more)

Home prices down 7.6%

Aug 14: Foreclosures drove down prices in the last 12 months, with cities in the Sun Belt leading the decline. (more)

Nation's foreclosure plague widens

Aug 14: More tough times in the housing market: 8% monthly jump in foreclosures and 55% year-over-year. 'Bloated inventory' of homes owned by banks, expert says. (more)

25% of home sales result in loss

Aug 13: Values have fallen so far in many cities that sale prices don't cover what sellers originally paid. That means more hard times before markets recover. (more)

The next wave of mortgage defaults

Aug 12: More borrowers with good credit are defaulting on their home loans, and that's going to make it even harder for the staggering housing market to recover. (more)

SEC formally investigates Countrywide

Aug 8: A filing from Bank of America, the mortgage lender's new parent, shows deeper government scrutiny. (more)

Mortgages get more expensive - again

Aug 8: In wake of huge losses, Fannie Mae announces changes that will make home loans harder and more expensive to obtain. (more)

How to buy a foreclosed home

Aug 8: Sure, there are bargains to be had, but there are also plenty of pitfalls awaiting anyone brave enough to wade into real estate's maelstrom. Here's what to consider. (more)

Fannie's pain: $2.3B loss, dividend cut

Aug 8: Mortgage finance giant suffers much larger-than-expected loss due to reserves for credit losses and slashes its dividend to preserve capital. (more)

Foreclosure crisis: The $4 billion fix

Aug 7: Washington will give funds to states and cities to rehab houses. Proponents say it will help stabilize neighborhoods, but others say it's too little to do much good. (more)

June pending home sales tick up 5.3%

Aug 7: Realtors group says index of homes under contract rose in June compared to May, but is still well below June 2007 levels. (more)

Big loss, grim outlook at Freddie Mac

Aug 6: Troubled mortgage finance firm says its quarterly losses rose to unexpected depths - cuts dividend at least 80%. (more)

Paulson taps Morgan Stanley for Freddie, Fannie advice

Aug 5: Treasury says firm will help it with options under new authority. (more)

Time to lock in your mortgage rate

Aug 4: Home buyers may find big savings in locking in mortgage interest rates. (more)

Freddie aims to slow foreclosures

Jul 31: Mortgage financier to offer increased payments to loan servicers in effort to increase mortgage workouts. (more)

Foreclosures linked to subprime fraud

Jul 31: A New York state investigation of subprime mortgage practices reveals fraud proliferated in the state, which had the eighth-highest number of foreclosures in 2007. (more)

181,000 troubled homeowners get help

Jul 30: Mortgage industry coalition Hope Now says it helped a record number of homeowners last month, but 82,000 homes were still lost to foreclosure. (more)

How housing rescue bill can help you

Jul 30: The legislation devotes $300 billion to helping troubled homeowners avoid foreclosure. See if you qualify. (more)

Bush signs housing rescue law

Jul 30: President enacts controversial measure that aims to help borrowers, bolster the housing market and provide a fail-safe for Fannie and Freddie. (more)

Fannie, Freddie rescue won't be cheap

Jul 30: Experts say if the mortgage finance giants need to be bailed out, a government takeover would cost taxpayers far more than current estimates of $25 billion. (more)

Cracking down on mortgage scammers

Jul 30: The Justice Department is going after real estate fraud. The 400-plus people charged nationwide racked up $1 billion in losses. Here's what they are finding. (more)

Home prices drop record 15.8%

Jul 29: The S&P/Case-Shiller Home Price Index of 20 cities fell for the 22nd consecutive month. (more)

Bonds rise after bank shutdowns

Jul 28: Further concern about the U.S. banking system, stemming from FDIC closure of two regional banks Friday, sends Treasurys up Monday. (more)

Fannie, Freddie jump in pre-market trading

Jul 28: Shares of the mortgage finance giants climb after Senate approves housing rescue bill. (more)

How housing rescue bill can help you

Jul 26: The legislation - likely to be enacted soon - devotes $300 billion to helping troubled homeowners avoid foreclosure. See if you qualify. (more)

Problem banks: What you need to know

Jul 26: Bank failures put a sharp focus on FDIC ratings of banks facing financial problems. Here are answers to some common questions. (more)

Senate passes landmark housing bill

Jul 26: Controversial measure aims to help borrowers, bolster the housing market and provide a fail-safe for Fannie and Freddie. Bush is likely to sign it soon. (more)

Mortgage industry grilled in Washington

Jul 25: House panel probes just how much lenders and loan servicers are doing to keep troubled borrowers in their homes. (more)

Mortgage industry gets a grilling in Washington

Jul 25: A House committee probes just how much lenders and loan servicers are doing to keep troubled borrowers in their homes. (more)

Foreclosure filings up 120%

Jul 25: 220,000 homes were lost to bank repossessions in the second quarter, and the annual forecast for 2008 will have to be revised upward. (more)

2.2 million vacant homes for sale

Jul 24: Census Bureau report shows percentage of vacant houses available for sale and of Americans who own homes were relatively unchanged in 2nd quarter. (more)

Home sales at 10 year low

Jul 24: Realtors' group says the number of existing homes sold in June fell 2.6% to their lowest level in 10 years. (more)

How housing rescue bill can help you

Jul 23: The legislation - likely to be enacted soon - devotes $300 billion to helping troubled homeowners avoid foreclosure. See if you qualify. (more)

New Fed rules miss one key lending abuse

Jul 23: Mortgage brokers often receive kickbacks from lenders in return for steering consumers into more expensive loans - a problem that the Federal Reserve failed to address. (more)

House OKs mortgage rescue

Jul 23: House votes to offer as much as $300 billion in mortgages and to back up Fannie and Freddie. Bush says he'll sign it. Senate approval is likely. (more)

House vote due on housing bill

Jul 23: Compromise pairs aid for those facing foreclosure with rescue plan for Freddie Mac and Fannie Mae. (more)

Cost of Fannie, Freddie rescue - $25B

Jul 22: Budget agency puts possible price tag on Bush plan to stabilize mortgage finance giants Fannie and Freddie - says 50% chance money won't be needed. (more)

Paulson to Congress: Pass rescue plan

Jul 22: Treasury Secretary says proposal is key to restoring confidence in mortgage finance giants Fannie Mae and Freddie Mac. (more)

Wachovia reports $9 billion loss

Jul 22: Nation's No. 4 bank misses analysts' forecasts and cuts dividend, but insists it is adequately capitalized. (more)

Fannie, Freddie books under inspection - report

Jul 22: Plunge in stock prices of the two mortgage finance giants triggered scrutiny by bank examiners, according to NYT. (more)

House likely to modify Fannie, Freddie rescue

Jul 18: Congress is expected to vote next week on an amended housing rescue bill that includes Treasury's proposals to offer financial backstop to Fannie and Freddie. (more)

Freddie chief's jackpot

Jul 18: The mortgage giant steps closer to a big capital-raising move that could help its CEO keep his healthy paycheck. (more)

Freddie Mac strikes back

Jul 18: The mortgage giant takes a step toward a big stock sale that could ease fears of an imminent taxpayer bailout. (more)

Bank 'problem list': What it means

Jul 18: Failure of IndyMac puts a sharp focus on FDIC ratings of banks facing financial problems. Here are answers to some common questions. (more)

A plan to jumpstart the mortgage market

Jul 17: An industry outfit hopes that by making it easier for investors to understand pools of mortgage-backed securities, it can help restart the near-dead market for them. (more)

Saving IndyMac's mortgages

Jul 17: Sheila Bair has had a lot to say about how to stem foreclosures. Now that the FDIC chief controls $200 billion in home loans, it's time to put words into action. (more)

Fannie, Freddie: Taxpayers on the hook

Jul 16: How big a burden taxpayers would bear if Uncle Sam lends a hand to the two mortgage finance giants depends on a lot of hard-to-estimate variables. (more)

Need a mortgage now? Bring lots of cash

Jul 16: Between higher fees and and larger down payment requirements, buyers have to pony up more money than ever these days just to land a loan. (more)

Housing rebound: When to spot one

Jul 15: Nationally, there's still a dark cloud hanging over housing. But to check the health of your local region, look for a few key clues. (more)

Paulson in hot seat over Fannie, Freddie

Jul 15: Treasury chief goes to Congress to seek authority to stand behind mortgage finance giants. He finds some support but plenty of skeptical probing. (more)

Fannie and Freddie's extreme makeover

Jul 15: Maybe not tomorrow, but radical reform of the mortgage guarantors is on the way. (more)

Confessions of a subprime lender: 3 bad loans

Jul 15: In his new book, author and ex-lender Richard Bitner owns up to some of his worst mistakes, offering an inside look at how his firm issued bad mortgages. (more)

Analysts: Most banks are safe

Jul 14: Despite collapse of IndyMac, veteran analysts say banking system is in better shape than it was during the S&L crisis and don't expect historic wave of failures. (more)

IndyMac customers line up to withdraw money

Jul 14: Hundreds gathered Monday to pull savings; many fear losses as largest regulated thrift fails. (more)

Mortgages: More expensive, more scarce

Jul 14: As rumors of big mortgage companies' collapse swirl, many Americans are unable to find affordable home loans. (more)

Fannie, Freddie: Not out of the woods

Jul 14: A day after government unveils rescue plan, mortgage backers' stocks take wild ride even as lawmakers offer support. (more)

Fed's war against shady home loans

Jul 14: In a nod to consumer advocates, regulators require lenders to evaluate subprime borrowers' ability to pay while banning most prepayment penalties. (more)

Text of Paulson's statement

Jul 13: Treasury Secretary unveils increased credit line and plan for possible stock purchases of Fannie Mae and Freddie Mac. (more)

U.S. plan to save Fannie and Freddie

Jul 13: Paulson and Bernanke proposal would give mortgage finance giants bigger line of credit with Treasury and open NY Federal Reserve lending window. (more)

IndyMac: Your money is safe - FDIC

Jul 13: It's a massive bank failure, but the vast majority of customers see little disruption or risk. (more)

The fall of IndyMac

Jul 12: Feds seize bank - once a leading mortgage lender. It may turn out to be most expensive collapse ever. One thing is sure: The credit crisis is still with us. (more)

Regulators seize troubled IndyMac

Jul 11: Feds take over mortgage lender IndyMac. FDIC will seek buyer. May become most expensive bank collapse ever. (more)

Senate passes housing bill amid turmoil

Jul 11: Next stop is House, which will have another crack at amending foreclosure rescue bill's provisions. (more)

You're already paying for Fannie and Freddie

Jul 11: As rumors of big mortgage companies' collapse swirl, many Americans are unable to find affordable home loans. (more)

Fed in tug of war over mortgage rules

Jul 11: Federal Reserve on Monday is expected to tighten regulations to protect homebuyers. Consumer groups and lenders each hope arguments win out. (more)

Financials' foul Friday

Jul 11: Investors' concerns over the viability of Fannie and Freddie send financial stocks into a nosedive. (more)

Read Treasury Secretary Paulson's statement

Jul 11: Paulson calls for legislation to back mortgage financing companies Fannie Mae and Freddie Mac. (more)

Paulson: Focused on Freddie, Fannie

Jul 11: The Treasury Secretary seeks to calm investors about the state of the government-backed mortgage giants. (more)

The $5 trillion mess

Jul 11: Fannie Mae and Freddie Mac were created by Congress to help more Americans buy homes. Now their shaky condition threatens the entire housing market. (more)

Fannie and Freddie: A wild ride

Jul 11: Shares of mortgage finance firms recover most of deep losses from earlier in day on assurances that government takeover is not needed. (more)

Senate poised to pass housing bill

Jul 10: Foreclosure rescue bill takes big step forward. But all of measure's provisions aren't settled since the House wants to have another crack at it. (more)

Life after losing your home

Jul 10: The nation's housing meltdown is disrupting lives and devastating families. One New York grandmother is trying to put the pieces back together. (more)

Six months, 343,000 lost homes

Jul 10: Through the first half of 2008, the foreclosure rate shows little sign of letting up. (more)

Pace of housing rescue slows, as foreclosures rise

Jul 2: Mortgage industry alliance helped 170,000 homeowners avoid foreclosures in May - a monthly pace that slowed even as foreclosures ramped up. (more)

Vulture real estate investors swoop in

Jul 2: Let the bargain hunting begin. Prices may still be falling, but they're low enough for some investors to buy, sell, and pocket a tidy profit. (more)

Senate holiday on housing rescue

Jun 27: The debate over foreclosure prevention legislation hit a roadblock this week, but will continue after July 4. But chances are still high for eventual approval. (more)

Calif. home sales soar 18% as prices swoon

Jun 25: The median home price is down 35%, but that helped drive the number of sales higher in May. (more)

Senate inches along on housing rescue

Jun 25: The debate over foreclosure prevention legislation is set to continue, but signs point to eventual approval. (more)

Home prices post record 15.3% drop

Jun 24: Prices in 20 cities fall for 21st month in a row. One sign of hope: Pace of decline eased in many areas. (more)

Senate supports mortgage aid plan

Jun 24: A rescue package that would help distressed homeowners avoid foreclosure passes a Senate vote by 83 to 9. (more)

Over the horizon, a housing recovery

Jun 23: Harvard report finds immigration, other demographic trends will fuel housing demand over the next decade. (more)

Why Bush, Congress may make housing deal

Jun 21: Senate is set to vote Tuesday on bill to offer foreclosure relief. Bush has threatened a veto but some think he might be willing to negotiate. (more)

States take a whack at foreclosures

Jun 20: Attorneys general across the nation take up the cause of housing rescue. (more)

Housing rescue group steps up efforts

Jun 17: Hope Now members agree to more streamlined, uniform approach to foreclosure prevention. But community advocates say it isn't enough. (more)

Builders' confidence matches record low

Jun 16: A survey of homebuilders' assessment of the housing market shows the industry's sentiment tied the mark set in December. (more)

Home prices drop for fourth straight quarter

But the latest home prices from Realtors show losses seem to be easing. (more)

Latest home prices

Second quarter numbers are in from the National Association of Realtors - 149 markets tracked. (more)

California cities fill top 10 foreclosure list

Stockton, Calif. records highest foreclosure rate among nation's metro areas according to a new survey. (more)

Countrywide forced to turn to banks for help

Leading mortgage lender tightens lending standards, turns to more expensive $11.5 billion line of credit to maintain liquidity; chairman cashing out of stock. (more)

Housing starts at decade low

Starts and permits both fall more than forecasts as builders pull back from troubled market. (more)

Paulson: Market turmoil to slow U.S. growth

But strength of markets, economy should prevent a recession, Treasury Secretary tells Wall Street Journal. (more)

Dems take on mortgage meltdown

Clinton, Dodd, Obama and Edwards take aim at reforming lending practices. (more)

Mortgage meltdown contagion

A grim forecast has economists more pessimistic over how far the collapse will spread to the rest of the economy. (more)

Will the Fed save the day?

Bernanke & Co. did not signal an imminent rate cut at the Fed's last meeting, but some think the Fed will take emergency action as the credit crunch gets worse. (more)

Credit turmoil throws deals in jeopardy

As financing markets seize up, investors are growing more skeptical that some buyout deals will happen. (more)

Who can't get a mortgage now

Buyers with good credit and a down payment will make out well - all others, prepare to pay. (more)

Rate jump for big mortgages

The cost of financing an expensive home purchase is jumping, making high-end buyers the latest victims of the mortgage meltdown. (more)

Subprime problems spread

AIG sees uptick in defaults in more credit categories. European investors feel the pain too. (more)

Mortgage resets: Record bill coming due

Billions in subprime ARMs will be subject to higher payments. (more)

Foreclosures drift to Sun Belt from Rust Belt

A new survey shows foreclosure clusters are on the move from industrial centers to coastal and southern states. (more)

If your mortgage lender goes under...

More and more mortgage companies are closing shop as the subprime loan saga continues. Here's what to do if yours shuts down. (more)

About to retire? It's all about the 'safe money'

If you're on the cusp of retirement and feel rattled by the recent volatility in stocks, here's a way to protect your portfolio (more)

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