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FHA-Backed Loans: The New Subprime (BusinessWeek Online via Yahoo! News)
As if they haven't done enough damage. Thousands of subprime mortgage lenders and brokers -- many of them the very sorts of firms that helped create the current financial crisis -- are going strong. Their new strategy: taking advantage of a long-standing federal program designed to encourage homeownership by insuring mortgages for buyers of modest means.
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Real Estate Live (Washington Post)
Welcome to Real Estate Live, an online discussion of the Washington area housing market with Post Real Estate editor Maryann Haggerty and columnist Elizabeth Razzi.
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The Vicious Cycle That's Holding Millions Underwater (Washington Post)
A recent survey concluded that almost a quarter of all homes with mortgages are worth less than what is owed on the loans.
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When couples split, no one wants the house (The Palm Beach Post)
During the real-estate boom, couples who divorced would fight over who got the house, betting that the winner could get rich from rapidly escalating prices. Spouses plunked down thousands to buy out their partner. Disposing of the ''marital asset'' was easy, since homes were selling in a day or two for inflated prices.
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Downturn Drags More Consumers Into Bankruptcy (The Wilmington Star-News)
With their credit cards drained, the latest bankruptcy filers are deeper in debt than those in previous downturns.
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NBC2 gets answers to your mortgage questions (NBC 2 Fort Myers)
NBC2 took your questions Tuesday about the government and the mortgage industry's new plan to help struggling homeowners. We took those questions to Southwest Florida real estate expert Jeff Tumbarello, of the Southwest Florida Real Estate Investment Association, and got some answers.
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Agency offers mortgage assistance to homeowners in trouble (The Palm Beach Post)
After more than a year of piecemeal mortgage-relief initiatives, Washington and the mortgage industry Tuesday announced the most sweeping effort to date to get at the heart of the credit crisis - falling U.S. home prices and record foreclosures.
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Losing it all: Subprime loan mess slamming doors on homebuyers in Central Virginia (The News & Advance)
You wouldn’t expect a $1 million home on Easy Street on Smith Mountain Lake to end up in the same situation as a $20,000 house from inner-city Lynchburg.
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LibertyStreet Financial Group Launches New Government-Backed Reverse Mortgage Program (Business Wire via Yahoo! Finance)
SAN DIEGO----With many baby boomers coming of age, retirement incomes for seniors have remained relatively flat while the cost of living has skyrocketed. On November 6th, 2008, a new law took effect, increasing the federally insured Reverse Mortgage lending limit from $362,790 to $417,000 for homeowners age 62 and up.
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Fannie, Freddie Boost Effort to Minimize Foreclosures (Update4) (Bloomberg)
Nov. 11 (Bloomberg) -- Fannie Mae and Freddie Mac , the largest U.S. mortgage-finance companies, will accelerate anti- foreclosure efforts by streamlining loan modifications to lower monthly payments for more struggling homeowners.
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