mortgages

Millions of homeowners have put their mortgage payments on pause amid the coronavirus crisis. "A lot of people are in distress," says Michael Fratantoni, chief economist at the Mortgage Bankers Association.

Nearly 3 Million Homeowners Get Mortgage Help, But Others Hit Roadblocks

4:31pm April 20, 2020

by Chris Arnold

Congress ordered lenders to let homeowners who've been hurt financially in the crisis to skip mortgage payments. Many are getting that help, but others say their lenders aren't playing by the rules.

Julia Hansen says her lender, Freedom Mortgage, told her that to get federally mandated help, she'd have to make an $8,000 payment in three months or "go into foreclosure."

Many Struggling Homeowners Not Getting The Mortgage Relief U.S. Promised

7:15pm April 07, 2020

by Chris Arnold

Millions of homeowners who've lost their incomes qualify to defer payments. But many say lenders are demanding unfair terms such as massive subsequent lump sum payments that they can't afford.

The federal government is telling lenders to lower or suspend mortgage payments for homeowners who have lost income because of the coronavirus outbreak.

Economy

U.S. Orders Up To A Yearlong Break On Mortgage Payments

6:34pm March 19, 2020

by Chris Arnold

The federal government is telling lenders to lower or suspend mortgage payments for up to 12 months for homeowners who have lost income due to the coronavirus outbreak.

Coronavirus fears sent stock markets plummeting last week, but they're also pushing mortgage rates down near historical lows. That's an opportunity for homebuyers and homeowners.

Economy

Mortgage Rates Are Near All-Time Lows As Coronavirus Worries Hit Markets

8:39pm March 02, 2020

by Chris Arnold

Coronavirus fears have sent stock markets reeling, but they're also pushing mortgage rates down near historical lows. That's an opportunity for homebuyers and homeowners.

Queue Listen Now

A "for sale" sign is seen in front of a home in Miami on Jan. 24, 2018. The partial shutdown of the federal government is causing some financial problems for furloughed workers who can't refinance their mortgages or buy homes because lenders can't verify

Some Mortgage Deals Are In Limbo As Government Shutdown Drags On

9:05am January 11, 2019

by Yuki Noguchi

Furloughed workers can't refinance or buy homes without the ability to verify their income. For a recently divorced couple, it means continuing to live together until financial issues are resolved.

Queue Listen Now

Wells Fargo will pay a $2.09 billion civil penalty for allegedly selling residential mortgage loans that included misstated income information, the Justice Department said.

National

Wells Fargo To Pay $2 Billion Penalty Over Bad Information Used To Sell Mortgages

3:32pm August 01, 2018

by Avie Schneider

Wells Fargo will pay a civil penalty for allegedly selling residential mortgage loans that included misstated income information, the Justice Department said.

The Consumer Financial Protection Bureau recently disclosed that it is sending in people who pose as customers to discover racial discrimination at banks.

'Mystery Shoppers' Help U.S. Regulators Fight Racial Discrimination At Banks

4:17am August 27, 2016

by Chris Arnold

The Consumer Financial Protection Bureau is sending undercover operatives to ferret out racial discrimination. They're called "testers" or "mystery shoppers" and pose as customers applying for loans.

Queue Listen Now

Natalia Mendez goes over mortgage terms with Raul Alvarez, a senior loan officer for Paramount Residential Mortgage Group, Dec. 16 in Miami.

With Rates Down, It's Time For Many To Refinance Again. Thanks, Brexit

8:53am July 08, 2016

by Yuki Noguchi

With the Federal Reserve keeping rates low and Treasury yields dropping after the Brexit vote, mortgage rates are down too. That's spurring a boomlet in applications and refinancings.

Despite Recovery, Many Find Home Loans Still Hard To Get

1:54pm February 20, 2015

by Chris Arnold

The housing market and the economy are both well on their way back from the Great Recession. But housing advocates say banks, stung by the housing crisis and its fallout, remain reluctant to lend.

Queue Listen Now