Latest News

Tighter Rules for Lenders  - *Video*
A new Federal plan is set to regulate mortgage lenders in an attempt to prevent another subprime mortgage crisis. Nancy Accordes reports that there is little assistance being offered for the current crisis.
Source: CBS News

"The Worst is Just Beginning" in Housing  - *Video*
Hank Paulson declares the worst is not over in terms of subprime loans and the current recess our economy is facing. The worst is just beginning. There are close to 1.8 million adjustable rate mortgages that will be effected.
Source: Hank Paulson

Homeowners Give Up
Mortgage foreclosures saw an all time high in 2007 as homeowners walked away from their adjustable rate loans before facing sharp rate increases. Late payments are the highest they've been in 23 years according to the Mortgage Bankers Assoc.
Source: Bloomberg

They'll Take Your House
Since the market went south, many Florida homeowners have walked away or foreclosed causing banks and associated investors to take back their bad investments.
Source: New Times Broward-Palm Beach

Fed Chief: Mortgage Crisis to Continue 
According to Federal Reserve Chairman Bernarke, more needs to be done to prevent home foreclosures and the current crisis at hand. On Tuesday he called for additional relief urging lenders to lower the amounts owed on their loans.
Source: Yahoo

Third of Recent Buyers Owe More than Home's Value
Over 30 percent of homeowners in the United States that bought in the last two years owe more than thier homes are worth according to a market research company In the last 3 months of 2007, all home types fell 3.3% from the third quarter.
Source: Reuters

"Intentional Foreclosure" is New Trend
Many homeowners are choosing to walk away instead of working two jobs only to spend all of their money toward a mortgage that is preventing them from buying the necessities of daily life.
Source: CBS News

Countrywide Says Record High Foreclosures
The largest U.S. mortgage lender, Countrywide Financial Corp, said on Friday that in January foreclosures and late payments rose to new records reflecting the nations deepening housing and credit crunch.
Source: Reuters

More Gloomy Forecasts from the Fed
Observers of Federal Reserve Chairman Ben Bernarke deciphered his remarks to affirm current expectations of more interest cuts. However, there is a lot of uncertainty about how the Fed cuts rates.
Source: Business Week

Can You Really Just Walk Away
Being underwater on their mortgages has led many people to question whether or not walking away from their houses are an option. A growing number of people are realizing that, yes, it is an option and are persuing it.
Source: Dan Caplinger

Latest Numbers Show Home Prices Fall
In the majority of U.S. metropolitan areas surveyed by the National Association of Realtors, home prices fell in the fourth quarter of 2007. They claim the average home price dropped 5.8 percent.
Source: Bloomberg

60 Minutes Reports on Walking Away  - *Video*
We are currently experiencing a mortgage subprime crisis meltdown. Risky loans helped fuel the massive housing boom that busted and is now rolling capital markets across the globe.
Source: CBS News

Earlier Sub prime Rescue Falters
Despite the Bush administration announcing a plan to aid overburdened homeowners with their upside down mortgages, initial figures suggest earlier efforts have done little to help.
Source: Yahoo

America's Free Falling Housing Markets
In Sacramento, California home prices fell over 18.6% over the last year and are likely predicting relief from the Bush administration's new initiative to help families avoid foreclosure.
Source: Forbes

Washington Mutual Accused of Inflating Appraisals
The New York Attorney General is suing First American and its subsidiaries for conspiring with Washington Mutual to inflate real estate appraisals. The lawsuit seeks to end the illegal relationship between EA and WaMu.
Source: New York State Attorney General

Renters Become Latest Foreclosure Victims
Tenants can become evicted without any warning even though they have done nothing wrong. For individuals seeking to avoid being effected by the mortgage melt down, renting isn't a guarantee.
Source: Contra Costa Times

Amazing Case of Loan and Mortgage Fraud  - *Video*
Mortgage fraud is spreading across the country. Scammers are stealing identities and taking advantage of many innocent and unsuspecting homeowners.
Source: CBS News

Real Estate Home Price Roller Coaster  - *Video*
A rollercoaster plotted to show U.S home prices adjusted for inflation.
Source: speculativebubble.com