Bank of America and Wells Fargo were among banks that tightened credit standards for mortgages insured by the Federal Housing Administration in a move that may put a crimp in the U.S. housing recovery by effectively eliminating…
U.S. housing starts unexpectedly plunged 11.7% in October to a 519,000-unit annual rate, weighed down by a 47.5% decline in apartment and condo construction. But building permits, a leading indicator of future housing construc…
Applications for mortgages dropped last week, as demand for refinancing loans fell.
The Market Composite Index, which measures total applications for mortgage loans, slipped 14.4% from a week earlier, on a seasonally adjusted basis. The figure does n…
Executives from the mortgage servicing industry testify before the Senate today, and they’ll try to save face by apologizing for their industry’s role in the foreclosure mess. But don’t believe the hype.
Contin…
Flawed foreclosure paperwork could inflict huge losses on the nation’s top banks and spread chaos through the housing market, according to a congressional report.
Accusations that major mortgage lenders including Bank of America Corp. (BAC), used fla…