Mortgage Rates Hit 11-week High

Fannie Mae on Thursday announced that 30-year fixed rate mortgages averaged 6.08 percent this week. It's jumped to its highest level since mid-March amid growing concerns about inflation. At the same point last year, the 30-year loan averaged 6.42 percent.

Home Prices Plummet 14.1 percent in First Quarter

A clear indication of dwindling consumer confidence in the housing market was revealed on Tuesday as a closely watched housing index shows prices of single-family homes plunged a record 14.1 percent in the first quarter compared with a year earlier, the lowest since its inception in 1988.

Greenspan Speaks Out on U.S. Economy

Former Federal Reserve chairman, Alan Greenspan has echoed the sentiments of Warren Buffet, by saying the United States was still more likely than not to have a recession despite relative stabilization in the economy in recent weeks.

Buffet Sees U.S. in Recession

Warren Buffet, CEO of Berkshire Hathaway Inc and one of the world's wealthiest men in a recent interview on Sunday said he believes the U.S. economy is already in a recession.

Fed's Kroszner - Mortgage Market Recovery Will Take Time

Fed Governor Randall Kroszner, addressing a conference of state bank supervisors, said that mortgage markets will recover slowly with more emphasis on improved risk management techniques needed to help recovery.

Mortgage Application Volumes Down 7.8 Percent

According to data from the Mortgage Bankers' Association (MBA), weekly mortgage applications fell by 7.8 percent in the week ending May 16 and by 9.4 percent on the same time last year.

Senate Passes Mortgage Aid Bill

Despite opposition from the Bush administration, Senate Banking Committee leaders have agreed upon a housing bill designed to prevent foreclosures and create affordable housing for an increasingly beleaguered mortgage industry.

Fannie and Freddie off S&P Downgrade Review

Standard & Poor's announced on Monday it was no longer reviewing Fannie Mae and Freddie Mac for a negative rating by affirming both government sponsored enterprises with a stable outlook.

Fannie Mae Relaxes Requirements for Loan Repayments

Government sponsored enterprise; Fannie Mae has decided to set a single national standard for downpayments on mortgages it buys in a bid to stimulate the housing market.

Police Officer Charged in Mortgage Loan Scam

A veteran officer has been charged for his involvement in a string of mortgage scams that duped lenders into parting with hundreds of thousands of dollars.

Mortgage Rates in Slight Decline

Rates on 30-year mortgages fell for the second consecutive week by 4 basis points to 6.01 percent with an average 0.6 point for the week ended May 15, a weekly survey released by Freddie Mac on Thursday revealed.

Mortgage Application Volumes Climb

Mortgage applications again rose for a second consecutive week by 2.9 percent. The rise for the week ending May 9 has been largely fueled by an increase in demand for home refinancing loans as interest rates dropped.

Michael Jackson's Neverland Escapes Foreclosure

Pop legend Michael Jackson has averted foreclosure on his Neverland Ranch, following late intervention from real estate investment firm, Colony Capital.

Jingle Mail May be Urban Myth

Despite reports to the contrary, a trend described as "walking away" or "jingle mail" which involves homeowners voluntarily defaulting on their loans even though they possess the means to make payments has been dismissed by experts as a myth.

Mortgage Bill gets House Approval

The House of Representatives on Thursday approved legislation to create a $300 billion mortgage insurance fund designed to provide billions more in homeowner aid.

Mortgage Lenders under Spotlight at Senate Hearing

In an ongoing investigation into alleged irregularities by mortgage lenders, the Senate on Tuesday heard testimony from the Chief Executive of Countrywide Financial Corporation, Steve Bailey and Katherine Porter, a professor at the University of Iowa.

Fannie Mae Reports Bigger Than Expected Loss

Fannie Mae posted a big first-quarter loss of $2.2 billion Tuesday and said it planned to raise $6 billion through a stock offering to shore up its balance sheet.

Fed Head Demands Action over Foreclosure Fears

Federal Reserve Chairman, Ben Bernanke has urged action from the government and mortgage lenders in a bid to stave off the threat of foreclosure to millions of households around the country.

Government Subprime Probe Intensifies

The FBI along with federal, state and local agencies is looking into potential crimes ranging from mortgage fraud by brokers to securities fraud, inside trading and accounting fraud, according to reports from the Wall Street Journal.

House Panel Approves Bill to Assist Borrowers

The House of Representatives Financial Services Committee on Thursday approved a sweeping bill led by the Democrats to finance $300 billion in distressed mortgages with the aim of helping homeowners facing the threat of foreclosure.

Rates on 30-year Mortgages Reach 7 Week High

Long-term mortgage rates ended the week mixed, with the 30-year fixed rate average rising, as markets reacted to news of higher inflation.

Mortgage Applications Drop to 2008 Low

The Mortgage Bankers Association's leading index of mortgage activity dropped to its lowest level this year.