Mortgages

WASHINGTON — The Obama administration did not make the same mistake twice.

WASHINGTON — The Obama administration announced a larger-than-expected program Wednesday designed to help up to 9 million homeowners avoid foreclosure.

WASHINGTON — President Obama met late Friday with top banking regulators to help hash out a plan for preventing foreclosures, including a national loan modification standard aimed at giving servicers a safe harbor from investor lawsuits.

WASHINGTON — The Obama administration is working with banking regulators to develop interagency guidance that would serve as the government's broadest approach yet to modifying troubled loans, American Banker has learned.

As the banking industry continues to try to narrow the scope of any mortgage bankruptcy legislation, a key ally in their battle might be Sen. Evan Bayh.

WASHINGTON — The House Judiciary Committee's vote for mortgage bankruptcy reform legislation Tuesday offered industry lobbyists little sign of hope they can narrow the bill, but on Wednesday they pledged to keep fighting.

The Federal Reserve Board on Tuesday said it will require loan modifications on mortgage assets that were held by banks that defaulted on their discount window borrowings.

Banking lobbyists still say they have a shot at narrowing mortgage bankruptcy reform, even though Democratic leaders appear poised to include it in broader legislation.

WASHINGTON — Six months after it was created as part of the July housing bill, a program to help cities and states buy foreclosed real estate from banks appears to finally be getting off the ground.

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.