Mortgage | featured news

An emergency assistance program that saves thousands from foreclosure each year is in the national spotlight.

Until now, officials have signaled to the market that lending the mortgage giants money is just about as safe as lending to U.S. government itself.

The latest effort to scale back some tax deductions on mortgage interest, one of the nation's most-enduring tax breaks, is finding little support in Congress.

The U.S. Treasury said its foreclosure-prevention program has cut mortgage payments for about 947,000 households, at least temporarily.

Depressed home values, poor credit and high debt shut millions out of the lowest mortgage rates.

The number of U.S. households facing foreclosure in January increased 15 percent from the same month last year, and a surge in cash-strapped homeowners who've fallen behind on mortgages could be on the way.

Uncle Sam is trying to get out of the business of running the U.S. mortgage market. The trick will be withdrawing support without toppling the nation's fragile housing recovery in the process.

Millions more Americans are facing financial security as a result of stabilizing home prices, Treasury Secretary Tim Geithner said Sunday, even though only about 66,000 people have benefited from permanent mortgage loan modifications aimed to prevent foreclosure, a figure that has resulted in a House panel investigation.

The number of homes entering the first stage of foreclosure fell in the fourth quarter compared with the previous quarter, MDA DataQuick says -- a sign that banks are working with delinquent borrowers.

Fewer Californians entered foreclosure during the last three months of the year as bailed-out banks appeared to step up their work with delinquent borrowers, according to data released this morning, although the number of homes taken back by banks rose slightly.

After more than a year of keeping rates low, the government is winding down federal supports, whether the housing market is ready or not.