In an effort to speed up the short sale process and help homeowners avoid foreclosure, mortgage giant Fannie Mae has begun a three-month trial program that allows the company to pre-approve the “short sales” of homes, reports The Wall Street Journal (“Fannie Mae Tests ‘Short Sales’ as Alternative to Foreclosures,” Jan. 9, 2009). (more…)

Popularity: 11% [?]

The Federal Deposit Insurance Corp. is under pressure from Congress to show how the more than 5,000 banks it regulates have used $350 billion they’ve received in government aid to help homeowners avoid foreclosure, reports The Wall Street Journal (”FDIC Pushes Banks for Reports on Use of Government Aid,” Jan. 12, 2009). (more…)

Popularity: 4% [?]

Consumers’ access to credit could get even tighter as creditors continue to slash consumer credit lines and move to close inactive credit accounts – defensive measures meant to protect banks against the surging number of consumer defaults, reports The Wall Street Journal (”Credit Card Companies Slash Credit Limits,” Jan. 5, 2009). (more…)

Popularity: 8% [?]

In an attempt to help millions of homeowners mired in foreclosure and to stabilize a slumping real estate market, Citigroup is negotiating the details of a mortgage modification agreement with federal lawmakers, The Wall Street Journal reports (“Citigroup, Senators in Talks to Let Judges Modify Mortgages,” Jan. 8. 2009). (more…)

Popularity: 6% [?]

You may’ve seen the headlines. Unsuspecting tenants who are responsibly paying their rent on time are among a growing number of foreclosure victims – as many as 40 percent of renters in single-family housing are being evicted from foreclosed rental properties after their cash-strapped landlords stop paying the mortgage, reports the National Low Income Housing Coalition in Washington, D.C. (more…)

Popularity: 4% [?]

In today’s current economic climate, consumers who are struggling with overwhelming personal debt, job loss, and mortgage foreclosures are increasingly turning to bankruptcy protection, reports CNNMoney.com (“Consumer Bankruptcies Jump in 2008,” Jan. 6, 2008). (more…)

Popularity: 4% [?]

Hoping to offer lenders a more effective way of predicting which consumers are likely to default on their accounts, the Fair Isaac Corporation, has revamped the 20-year-old formula it uses to determine a consumer’s FICO score — the credit score most lenders use to determine who can qualify for a loan or new line of credit. (more…)

Popularity: 4% [?]

In an attempt to increase the availability of credit for homebuying and to reduce borrowing costs, the Federal Reserve has begun buying troubled mortgage-backed securities as part of an initiative the central bank originally announced in November (more…)

Popularity: 4% [?]

Credit card companies are increasingly forgiving borrower’s debts or are working with consumers to pay their debts in anticipation of record credit card defaults in 2009, reports The New York Times (“Credit Card Companies Willing to Deal Over Debt,” Jan. 3, 2009). (more…)

Popularity: 8% [?]