Top News

Borrowers flunk out of mortgage mods – CNN Money – – NEW YORK ( — The number of troubled homeowners falling out of President Obama’s foreclosure rescue plan soared in April. More than 122,000 borrowers had their trial mortgage modifications canceled in April, bringing the total to 277,640
Probe widens beyond Goldman Sachs – Los Angeles Times – – the banks may have tried to influence the ratings of mortgage-backed securities that eventually lost value with the housing market collapse. The banks on Thursday confirmed receiving the subpoenas and said they would cooperate. The investigation by New 

Freddie and Fannie won’t pay your mortgage – CNN Money – – Fannie and Freddie to start reducing principal. Treasury and the companies have already set aside $75 billion for foreclosure prevention, which can be spent on interest-rate reductions or principal write downs. “Treasury has to bite the bullet and get 

Regulators shut down four more banks – Washington Post – – FirstMerit Corp. According to its Web site, FirstMerit Bank has 186 offices in Ohio, Pennsylvania and Illinois. The FDIC and Firstmerit Bank agreed to share losses on about $2.3 billion of Midwest Bank and Trust assets. The move is expected to cost the

Market News

Real Estate Weekly: As tax credit ends, some home sellers drop prices – MarketWatch – – Despite falling mortgage rates, fewer people applied for mortgages to purchase a home last week. That was also the first week in a while witthout a federal home-buyer tax credit to lure buyers

Title Insurance Premiums Decline at Lower Rate than Previous Year – Reuters – – incentives and Federal Reserve’s efforts to keep mortgage interest rates low helped bring more consumers into the housing market and modestly rejuvenated a dilapidated housing market. While significant foreclosure activi ty remains a drag on overall 

Island Title, First American will merge brands – Biz Journals – – Island Title will cease to exist this summer when majority owner First American Title Co. Hawaii rebrands the company. First American, which bought 60 percent of Island Title in 2004, also is closing two of the Island Title offices because they are

Other News
Economic Report: Home builders’ index hits 33-month high – MarketWatch – – the monthly builder’s index to the highest level in 33 months, according to a trade group. The housing market index rose three points in May to 22 after a four-point increase in April, the National Association of Home Builders reported Monday. At 22, the