Housing Market, Mortgage | featured news

Bank of America made $2 billion in the last three months of last year, reversing a loss from a year earlier. It offset legal expenses over mortgages and losses in its investment...

Federal prosecutors are stepping up their investigation of Standard & Poor's ratings of troubled mortgage securities during the financial crisis, according to former analysts questioned by prosecutors.

Fixed mortgage rates fell once again to a record low, offering a great opportunity for those who can afford to buy or refinance homes. But few are able to take advantage of the historic rates.

How big a whack did your credit score take during the grim years of economic distress following the housing bust? Was it 20 points, 50 points, 100 points — or maybe no drop at all? These are key questions affecting millions of potential home buyers who hope to qualify for mortgages as well as current owners looking to refinance. New research from a major credit-risk evaluation company suggests that the drop in huge numbers of Americans’ scores was dramatic.

The Justice Department is expected to announce Wednesday a settlement with Bank of America Corp. that resolves accusations that its Countrywide Financial unit engaged in discriminatory mortgage-lending practices, according to a person familiar with the matter.

The Securities and Exchange Commission has brought civil fraud charges against six former top executives at Fannie Mae and Freddie Mac, saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust....

Information is sought on the mortgage giants' roles as landlords who own thousands of foreclosed properties in California. Also sought are details of their mortgage-servicing and home-repossession practices, a source says.

A leading housing regulator on Monday announced changes to a government refinancing program that could help up to one million homeowners whose homes are worth less than their mortgage.

Talks between states and top banks over mortgage abuses are nearing agreement on a major sticking point that has bogged down settlement negotiations for more than a year.

The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent....