Reuters - Countrywide Financial Corp, which is nbeing investigated for its treatment of some foreclosed nhomeowners in bankruptcy court, will testify on Tuesday at a nU.S. Senate panel hearing, a senior Democratic senator said on nWednesday. Read More…
The foreclosure crisis is causing hardship, not just for homeowners but for an unknown number of renters. The Houston Chronicle today tells the story of a contractor who rebuilds Louisiana homes damaged by Hurricane Katrina, now facing eviction because the house he rents in Houston was foreclosed on. nn Sapna Aiyer, a Houston legal aid attorney, […]
The Federal Reserve announced Wednesday that it cut nthe Fed funds target rate by 25 basis points to bring nthe key interest rate to 2.00%. The discount rate was also cut by 25 nbasis points to 2.25%. In an accompanying statement, the Fed nsaid “substantial” easing should promote growth, but that economic ngrowth “remains weak.” The Fed […]
The New York City real estate market — though strong compared to other major cities — is finally losing steam. Although home prices continue to rise, homes aren’t selling as quickly as they did a year ago. The latest evidence comes from the New York City Office of the Comptroller, which says that real estate […]
Fears of inflation pushed mortgage rates higher naccording to the results of Freddie Mac’s Primary Mortgage Market Survey nfor the week ended April 24. nn The Survey reported that the 30-year fixed-rate mortgage (FRM) naveraged 6.03 percent with 0.3 point compared to 5.88 percent with 0.4 npoint the week before. nn Mortgage application volume was… nnn Read More Nownn Read […]
Zillow has just inaugurated another aspect to its nreal estate services portfolio. nn Now Zillow has turned the lead generation industry on its nhead. nn Calling its service the Zillow Mortgage Marketplace, nZillow offers borrowers the opportunity to receive multiple free quotes nwithout submitting sensitive financial information on the site and for nlenders to receive leads for free. nn Here is […]
AP - The European Union has approved a $7.8 billion bailout for Germany’s regional WestLB bank, which was rattled by it’s exposure bad U.S. debt. Read More…
AP - CONFLICTED GOP: Despite objections from the White House, some Republicans are converting to the Democrats’ housing plan after getting an earful from voters struggling to fight off foreclosures. Read More…
AP - President Bush, hoping to inoculate his party and his presidential legacy from election-year anger over the economy, heaped criticism on the Democratic-led Congress on Tuesday for “letting the American people down.” Read More…
Reuters - Revenues from two New York City real nestate taxes fell sharply in the first nine months of the nbudget year, the city comptroller said on Tuesday, offering nfresh evidence of the impact of Wall Street’s troubles on the nlocal economy. Read More…