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Housing Pain Gauge: Nearly 1 In 6 Owners 'Under Water'
The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults -- the very misfortune that touched off the credit crisis last year. The result of homeowners being "under water" is more pressure on an economy that is already in a downturn.
The Wall Street Journal
Almost 400,000 Countrywide Mortgage Holders Will Get Help
Nearly 400,000 homeowners will be able to get more affordable loans after Bank of America agreed Monday to modify mortgages that originated with its Countrywide Financial unit. The move could be worth more than $8.6 billion and mark the largest predatory lending settlement in history.
USA TODAY
FHA Will Take On Subprime Loans Shunned By Lenders
The Federal Housing Administration has grown so large that by the end of the year it will guarantee mortgages for three in 10 U.S. borrowers, many of whom have bad credit or loans that required no verification of income. Congress wants FHA to do more. The Hope for Homeowners program, unveiled Oct. 1, authorizes the agency, part of the cabinet-level Department of Housing and Urban Development, to guarantee up to $300 billion of 30-year, fixed rate home loans for struggling borrowers over the next three years. The Congressional Budget Office estimates that 400,000 households will get FHA- insured loans and about one-third of those will fall behind again on their new loans.
Bloomberg
Glance: Banks Bailed Out So Far In Credit Crisis
The credit crisis sparked a year ago by the collapse of the U.S. housing market has forced governments around the world to bail out several banks and financial companies. Here's a list of the financial institutions rescued so far in 2008.
CNNMoney
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