Mortgage Damage Spreads

The unfolding foreclosure-processing debacle is causing bank stocks to slide and putting millions of delinquent borrowers in limbo. But how disruptive the crisis ultimately becomes—for homeowners, the housing market and the broader economy—depends on how quickly a number of technical problems and legal challenges are resolved in the months ahead. In essence, fast-paced modern finance […]

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Nearly 50 percent leave Obama mortgage-aid program

WASHINGTON (AP) – Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out. The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday’s report from the Treasury Department suggests the $75 billion government effort is failing to slow […]

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Home Prices to Plunge Another 10 Percent

By: Ellen Chang The price of houses in the United States will drop even more, says Barry Ritholtz, founder of Fusion IQ, the investment research firm. Current prices are still way too high because the decline didn’t reach the “fair value” level compared to rent and income levels, he told Yahoo Finance TechTicker. During the […]

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Bank of America forecloses on house that couple had paid cash for

SPRING HILL — Charlie and Maria Cardoso are among the millions of Americans who have experienced the misery and embarrassment that come with home foreclosure. Just one problem: The Massachusetts couple paid for their future retirement home in Spring Hill with cash in 2005, five years before agents for Bank of America seized the house, […]

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