Reverse mortgages can be complicated financial products that many borrowers find hard to understand.To help clear things up, the Federal Reserve is proposing a new set of disclosures to provide a better understanding of the costs and risks associated with them.
An investigation into whether lenders may have illegally denied mortgages to pregnant women and persons on temporary disability is being launched by the Department of Housing and Urban Development (HUD).
The U.S.Senate passed a sweeping financial reform bill on Thursday, establishing new rules for mortgages as well as imposing new regulations on Wall Street and providing enhanced protections for consumers and investors.
Two subsidiaries of former mortgage lender Countrywide Financial will pay out $108 million to settle an claims that they charged excessive fees to borrowers in default or Chapter 13 bankruptcy, the Federal Trade Commission (FTC) announced today.
Bank of America (BofA) will forgive up to 30 percent of the balance owed on certain at-risk mortgages as part of its loan modification efforts to assist homeowners in avoiding foreclosure, the bank has announced.
The influential chair of the House Financial Services Committee is ratcheting up the pressure on lenders to write off nearly worthless second liens to clear the way for loan modifications to help homeowners avoid foreclosure.
The Treasury Department is simplifying and standardizing key documents needed to apply for loan modifications under the government's Home Affordable Modification Program (HAMP), in hopes of speeding approvals for homeowners seeking mortgage relief.