Mortgages

WASHINGTON — The Senate is expected to pass a broad bipartisan housing package today, but observers say the measure faces a tougher road in the House, where it is likely to undergo significant changes.

Rep. Maxine Waters, the chairwoman of the House Financial Services housing subcommittee, introduced a bill Wednesday that would ban foreclosures unless lenders and services made "reasonable" efforts to modify mortgages.

WASHINGTON — After scrambling through the night and into Wednesday, Republican and Democratic senators reached a deal on a housing stimulus bill that would leave out some of the most aggressive measures, including a provision to let bankruptcy judges rework mortgages.

Republican and Democratic senators agreed Tuesday to draft bipartisan legislation aimed at stemming foreclosures, avoiding an almost-certain defeat of a Democratic bill opposed by GOP members.

WASHINGTON — Though it may not be the sweetheart deal they would prefer, the financial services industry is largely open to an effort by congressional Democrats to set up a government-backed refinancing program to insert a floor under falling housing prices.

WASHINGTON — Presidential hopeful John McCain made his first personal foray Tuesday into the debate over how to stem fallout from the housing crisis, but did little to clear up uncertainty about what remedies he would support if he wins in November.

WASHINGTON — House Financial Services Committee Chairman Barney Frank is moving forward on legislation designed to encourage servicers to renegotiate more mortgages by shielding them from investor lawsuits.

WASHINGTON — Hammered by bad publicity and rising foreclosures, the financial services industry is moving toward broader loan workout efforts.

The Treasury Department-initiated plan to fast-track loan modifications would save only 3% of at-risk homes from foreclosure, according to a report the Center for Responsible Lending released Monday.

WASHINGTON — Efforts to tame the housing crisis by modifying troubled subprime loans have exposed a fracture between several of the nation's largest banks and the government-sponsored enterprises.

WASHINGTON — While the financial services industry scrambles to come up with data to prove subprime loans in danger of default are being modified to stave off foreclosures, state and federal lawmakers are considering whether to compel such reporting.

WASHINGTON — In a bid to better coordinate supervision of mortgage originators and brokers, several state regulators launched the Nationwide Mortgage Licensing System this week.

WASHINGTON — With the subprime mortgage crisis showing no signs of easing, Sandra Braunstein has found herself in a difficult position — defending what many lawmakers see as poor protection of consumers by the Federal Reserve Board.

WASHINGTON — There are several financial services issues facing Congress when it returns this month, including credit cards, government-sponsored enterprise regulation, and industrial loan company ownership.

WASHINGTON — In the two weeks since the Bush administration unveiled its program to help subprime borrowers, alternative policy solutions have proliferated.

WASHINGTON — The typically cautious Federal Reserve Board appeared to follow a new playbook Tuesday by issuing an unusually expansive proposal designed to curb abuses in the mortgage market that contributed to the subprime housing crisis.

WASHINGTON — The scope and depth of the housing crisis is fueling fears among industry observers that federal banking regulators are overtaxed and underprepared to handle problems at financial institutions.

WASHINGTON — This may be the first time in banking history that the financial services industry is hoping a pending regulation from the Federal Reserve Board takes a hard line against potentially abusive lending practices.

WASHINGTON — Lawmakers were scurrying Thursday to take action on measures to alleviate problems in the mortgage market before they adjourn next week, including attempting to pass bills to reform the Federal Housing Administration and grant tax relief to borrowers whose loans are reworked.

WASHINGTON — The Federal Reserve Board’s plan to boost liquidity through international auctions was widely viewed Wednesday as a creative alternative to discount window borrowing.