A New Jersey woman returned home from Thanksgiving to find her door locks changed just days after she had avoided foreclosure. Bank of America says it made a mistake. Nina Morra was locked out of her fully furnished Trenton home for three days by an inspector hired by the bank, according to reports
U.S regulators on Friday encouraged banks to modify troubled commercial real estate loans, which are seen as a looming danger spot for the banking industry. The regulators issued guidance to financial institutions and said “prudent” loan workouts are often in the best interest of both the borrower and the bank itself.
WASHINGTON — Banks must accurately identify their potential losses when modifying troubled commercial real estate loans under federal guidelines issued Friday. Regulators have warned that rising losses on commercial real estate loans pose risks for U.S. banks, with small and mid-size banks especially vulnerable.
US housing starts grew in September but the pace was softer than anticipated while permits for construction fell sharply, government data showed Tuesday, underscoring ongoing woes in the ailing sector. The Commerce Department said that construction starts on privately owned homes rose 0.5 percent to 590,000 from the revised August estimate of 587,000. It was however lower than expectations of 610,000 by private economists
Home prices rose for the third month in a row in July, new data Tuesday showed, more proof a fragile housing recover is underway. The Standard & Poor’s/Case-Shiller home price index of 20 major cities rose 1.2 percent from June to a reading of 143.05. Though home prices are still 13.3 percent below July a year ago, the annual declines have slowed in all 20 cities for the sixth straight month.
A bipartisan push is under way in the Senate to spend more money to stop mortgage scams. Sens
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Average rates on 30-year mortgages slid to the lowest levels since May this week, Freddie Mac said. The average rate for a 30-year fixed-rate mortgage was 5.12 percent, down from 5.29 percent last week, Freddie Mac said
LOUISVILLE, Ky. – Peter and Gina Fochtman sat stone-faced at the courtroom table
NEW YORK – A closely watched index shows home prices posted their first quarterly increase in three years, signaling the housing market has turned a corner. The Standard & Poor’s/Case-Shiller’s U.S. National Home Price Index released Tuesday rose nearly 3 percent from the first quarter, though was still down almost 15 percent from the second [...]
