Mortgages

WASHINGTON — Shaun Donovan, the secretary-designate of the Department of Housing and Urban Development, pledged Tuesday to return the agency to the forefront of the government's response to the housing crisis if he is confirmed by the Senate.

WASHINGTON — The Department of Housing and Urban Development is expected to announce Wednesday that it will delay implementation of a rule that has sparked outrage among lenders and home builders.

Lenders seeking licenses to originate Federal Housing Administration-insured mortgages — one of the few viable products in today's home loan market — can take a number.

WASHINGTON — Congress faces a host of daunting challenges next year, from restructuring the financial regulatory system to creating new mortgage underwriting standards.

Federal Deposit Insurance Corp. Chairman Sheila Bair defended loan modifications Wednesday, arguing that data released by other regulators was insufficient to cast doubt on their success.

A mortgage industry rebound is far from certain, but this year's convulsive events could help determine which lenders profit next year and which ones languish.

WASHINGTON — Loan modifications have been pushed for more than a year as a potential solution to the housing crisis, yet regulators said Monday that many are ineffective.

In the first major legal challenge to mass loan modification programs, bondholders have filed a lawsuit claiming Countrywide Financial Corp. cannot change mortgage terms without their permission.

With pressure mounting for Congress to enact a 90-day moratorium on home foreclosures, mortgage servicers are warning that the move could have the perverse effect of prolonging the housing downturn.

The Treasury Department's plan to invest up to $250 billion in at least nine and potentially thousands of financial institutions may let it steer long-scrutinized consumer lending products and practices, observers said.

The Federal Housing Finance Agency has approved a rule change that will let members of the Federal Home Loan banks temporarily use set-aside funds to refinance borrowers into low-cost Federal Housing Administration loans.

WASHINGTON — Frustrated by the slow pace of loan modifications, House Financial Services Committee Chairman Barney Frank said Wednesday that he is considering overhauling the servicing system to speed up the process.

WASHINGTON — The rapidly evolving financial crisis has made Bush administration officials and banking regulators participants in an almost regular weekend routine of hastily scheduled meetings and press briefings to discuss the latest moves to shore up the sector.

WASHINGTON — Fannie Mae and Freddie Mac may soon have to speed up and improve efforts to facilitate loan modifications for troubled borrowers, the Federal Housing Finance Agency said Tuesday.

WASHINGTON — The government's takeover of Fannie Mae and Freddie Mac raised critical questions about how it came together, why it was necessary, and what effect it will have on the financial services market.

WASHINGTON — The presidential contest has always carried large implications for the financial services industry, but Sunday's government takeover of Fannie Mae and Freddie Mac makes the race even more crucial.

The government takeover of Fannie Mae and Freddie Mac has raised as many questions as it has answered in lenders' minds about what it will be like to do business with the government-sponsored enterprises in the months ahead.

WASHINGTON — A year after lenders, servicers, and credit counselors came together at the behest of the Treasury Department to speed up loan modifications, there are ongoing doubts about how well the process works.

The Federal Deposit Insurance Corp. unveiled plans Wednesday to modify tens of thousands of loans at IndyMac Federal Bank in hopes of boosting the failed thrift's sale value and spurring more modifications across the industry.

The Federal Deposit Insurance Corp. will announce details Wednesday of loan modification plans for borrowers of failed IndyMac Bancorp, the agency said late Tuesday.