Freddie Mac ups Ante in Fight against Foreclosure

Freddie Mac today outlined plans to tackle foreclosures by doubling financial incentives to mortgage serving companies.

President Bush signs Housing Bill

President George W Bush has signed a landmark housing bill designed to provide mortgage relief for over 400,000 struggling U.S. homeowners, Fannie Mae and Freddie Mac as well as strengthen the housing finance system.

Home Prices Experience Record Drop

Home prices for the month of May dropped a record 15.8 percent over the same period last year, Standard & Poor's / Case-Shiller 20 city index revealed on Tuesday.

Senate Passes Mortgage Aid Bill

The U.S. Senate has approved a housing rescue bill by a 72-13 vote to help beleaguered homeowners stave off the threat of foreclosure.

U.S Home Sales at Record Low

The housing crisis shows no signs of abating as figures revealed on Thursday from an industry group show that the number of homes sold in the U.S fell by 2.6 percent in June compared over the same period last year to reach its lowest level in ten years.

Mortgage Application Volumes Drop 6.2 percent

An increase in interest rates contributed to a decline in demand for mortgage application volumes which witnessed a 6.2 percent decrease in the week ending July 18, an industry trade group revealed on Wednesday.

Senate Agrees Housing Package Deal

Senate leaders have agreed upon a rescue plan for the two largest mortgage finance companies Fannie Mae and Freddie Mac. The deal would allow the government to insure up to $300 billion in refinanced mortgages.

Wachovia Ceases Wholesale Mortgage Lending Operations

Wachovia on Monday confirmed it was pulling out of the wholesale mortgage lending business as of Friday, July 25th.

Donald Trump Makes Real Estate Killing

Property Tycoon, Donald Trump has defied the slump in the real estate market by selling his Florida Mansion for $100 million to a Russian billionaire.

FBI Investigating Possible Fraud at IndyMac

IndyMac is one of several banks being probed by the Federal Bureau of Investigation (FBI) for possible mortgage fraud, a U.S official revealed on Wednesday.

Fed Chief Paints Bleak Economic Outlook

The US economy will continue to face "numerous difficulties" with no sign of easing over the next two years was the depressing message delivered to Senators by Federal Reserve Chairman, Ben Bernanke on Tuesday.

Fed Outlines New Mortgage Rules

In new mortgage rules designed to take a hard line approach against predatory mortgage practices, Federal Reserve Chairman, Ben Bernanke said the focus would be on protecting the consumers.

IndyMac Collapses amidst Financial Crisis

IndyMac Bank becomes the second largest financial institution to fall in U.S history as it succumbed to the pressures of the credit crunch. Risky lending practices also contributed to the bank's demise.

Foreclosures up 53 percent

Foreclosures jumped 53 percent in June from a year earlier, a report published by a California research firm revealed on Thursday.

Mortgage Application Volumes up Last Week

Mortgage application volumes experienced a 7.5 percent increase last week, according to a survey by the Mortgage Bankers Association (MBA). This is a clear indication that falling home prices are attracting some buyers.

Schwarzenegger Signs Foreclosure Relief Bill

California Governor Arnold Schwarzenegger has signed a bill designed to stem the tide of foreclosures in the state.

US Apartment Market Stable in Q2

Increasing fuel costs helped stabilize the US apartment market, with major cities experiencing a growing demand for rental accommodation in close proximity to where people work, Reis Inc reported on Saturday.

Fannie and Freddie Shares Plunge

Shares in Fannie Mae and Freddie Mac experienced their sharpest drop in 16 years on Monday amid fears the government backed enterprises may be forced to raise as much as $75 billion in additional capital.

Housing Rescue Slows as Foreclosures Increase

With lenders on the back foot following mounting criticism over their sluggish attempts to quell the rising tide of foreclosures, new figures from Hope Now, show its members helped roughly 170,000 homeowners avoid foreclosure in May. The figure however is a 7 percent drop from April's figure of 183,000.

Mortgage Application Volumes Rise

Weekly mortgage applications in the U.S rebounded in the week ended June 27, figures from the Mortgage Bankers' Association (MBA) revealed on Wednesday. The figure is a 3.6 percent week-over-week increase in applications.

Jazz Legend Avoids Foreclosure

Renowned jazz vocalist, Ernestine Anderson has been able to stave off the threat of foreclosure - for now.

Florida sues Countrywide

Florida has joined the increasing number of states to take action against Countrywide, with Florida Attorney General, Bill McCollum filing the lawsuit against the mortgage lender for predatory lending practices.