Bank of America's persistent failure to modify home loans has resulted in the inevitable: a consumer class action lawsuit. Last week, Susan Fraser of Missouri filed suit on behalf of herself and other qualified homeowners whom the bank failed to give permanent loan modifications to.
In a Senate panel hearing Monday, the Iowa attorney general said the problems in the home-loan industry extend well beyond just "robo-signing." A system-wide overhaul is needed, he said. But banks say any mistakes were merely procedural. Were homeowners wrongly forced out of their homes?
The average 30-year fixed-rate mortgage fell to a bargain-basement 4.27% for the week ending Oct. 7, a new record low, Freddie Mac announced Thursday. That's down from the 4.32% rate last week, and way below the 4.87% rate that prevailed at this time last year.
New data from RealtyTrac shows that the real estate market is still on shaky ground. Banks repossessed 95,364 homes in August -- more than in any month since the beginning of the U.S. mortgage crisis.
Fewer Americans received home-loan modifications under the Obama administration's program to reduce foreclosures and delinquencies. More owners with modifications flunked out.
Timothy Geithner's Treasury Department hosts the first public forum today on reforming how mortgages are financed in the U.S. If the long, messy, politicized slogs over health care and financial regulations are any indication, get ready for more of the same, or worse.
Interest rates for 30 year fixed-rate mortgages have fallen to record lows, but consumers can get even better deals -- at smaller banks and credit unions. Find out why.
During a speech Monday, U.S. Treasury Secretary Timothy Geithner pledged a speedy implementation of the financial system overhaul. One of the first tasks on the list? Simplifying all the paperwork.
