Nov
Reuters - Legislation is needed to address mortgage servicing companies’ failure to do enough to help distressed borrowers stay in their homes, the head of a key U.S. congressional committee said on Wednesday.
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Nov
AP - The government may let more borrowers qualify for a $300 billion program designed to let troubled homeowners swap risky loans for more affordable ones, a top Bush administration official said Wednesday.
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Nov
AFP - US authorities are scrapping plans to buy up toxic mortgages securities and shifting the focus of a massive financial rescue plan, Treasury Secretary Henry Paulson said Wednesday.
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Nov
Reuters - Treasury Secretary Henry Paulson on Wednesday said he was backing away from buying troubled mortgage assets using a $700 billion bailout fund, instead favoring a second round of capital injections into financial institutions that would match private funds.
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Nov
AP - Ireland’s major mortgage provider, Irish Life & Permanent PLC, slashed its profit forecast Wednesday chiefly because of lost investments in the nationalized banks of Iceland.
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Nov
AP - Prospective home buyers would get a simpler way to understand often-confusing mortgage terms under new rules issued Wednesday by the federal government.
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Nov
Reuters - Fannie Mae , once a mortgage giant, could post losses totaling $20 billion to $40 billion in the next four quarters, as elevated credit costs continue to hurt the company’s capital position, an analyst at FBR Capital Markets said.
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Nov
AP - Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn’t go far enough. The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable.
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Nov
Reuters - California Democrats who control the state Assembly said on Tuesday they would push for a 120-day moratorium on foreclosures after mortgage default notices have been filed, compared with a 90-day stay proposed by Gov. Arnold Schwarzenegger.
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Nov
AP - A new joint government-industry effort to help struggling homeowners is insufficient to bring widespread changes in home loans to stem the tide of foreclosures, the head of the FDIC said Tuesday.
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