WASHINGTON There's no need for homeowners, investors, retirees, taxpayers or anyone else targeted in the controversial deficit-cutting plan unveiled on Wednesday to panic.
NEW YORK Bank of America Corp has urged a federal judge to throw out a racketeering lawsuit over its alleged use of "robo-signers" in foreclosures.
WASHINGTON The number of U.S. homes taken over by banks fell 9 percent in October as foreclosure processing was stalled by questionable paperwork, real estate data company RealtyTrac said on Thursday.
NEW YORK U.S. mortgage applications rose last week, driven by higher demand for both home purchase and refinance loans, as interest rates remained near record lows, an industry group reported on Wednesday.
NEW YORK/WILMINGTON, Delaware Lawsuits against banks over their mortgage lending and foreclosure practices continue to pile up, with JPMorgan, PNC Financial Services and Ally Financial disclosing suits on Tuesday.
Peggy Abkemeier, president of Rent.com, an eBay company in Santa Monica, California, refinanced her mortgage last year. And because interest rates are so low, she could cut costs again by refinancing that 5 percent loan now. "But I don't want to go through all of that again" without savings much greater than 1/2 percentage point, she said. "I felt like I had to sign over a first-born."
When realtor Scott FladHammer arrived fifteen minutes early for his appointment to show a 1909 farmhouse to prospective buyers, he was spooked to discover they were already there — sitting in the very barn in Fort Wayne, Indiana, where one of three gruesome murders had occurred.
Homebuyers who have been hoping to score a good deal by buying a foreclosed property have been left in limbo by the recent rash of foreclosure freezes. Reports that many recent home seizures were based on faulty documentation have prompted big lenders like Bank of America to suspend foreclosure activity. Title insurance powerhouse Old Republic National Title has stopped covering some foreclosures. Class action attorneys are readying lawsuits and attorneys general in most states are calling for a
An estimated 11 million homeowners - perhaps 25 percent of all homeowners - are "underwater", a situation where their mortgage exceeds the present value of their home. Many are making their payments faithfully each month, and virtually all would benefit from a chance to refinance. Since they are "underwater", they cannot.
Live Updates From the Reuters Politics Team
Issues and Analyses
- Republican win to deal only tweaks to healthcare
- Republican wins to halt Obama's clean energy plans
- Congress likely to be divided, gridlocked
- Republican resurgence a warning for Obama for 2012
- Could Congress reduce the budget deficit next year?
- Republican election wins may tilt tax policy
- What U.S. vote means for G20 summit
- Tea Party makes big entry into Congress
- Analysts views on election results
- Can healthcare overhaul be repealed?
Factboxes and Background
- Results of key races in midterm elections
- Likely lineup of new House Republican chairs
- GOP set to win control of House Banking panel
- What they're saying about midterm elections
- Congress in "lame-duck" session after election
- Key players in the Tea Party movement
- Obama's daunting post-election agenda
- Promises, promises: How Obama has fared