Housing Crisis, Foreclosure | featured news

When we first met Lynn Szymoniak on 60 Minutes, she was losing her home. She blew the whistle on bank fraud, and now she's walking away with $18 million, read more about the illegal use of robosigning by banks.

Banks earned $13 billion in secret cut-rate loans from the Federal Reserve during the financial crisis, Bloomberg reports... "Many Americans are struggling to understand why banks deserve such preferential treatment while millions of homeowners are being denied assistance and are at increasing risk of foreclosure," Cummings wrote in his letter.

The foreclosure crisis is getting worse as high unemployment and lackluster job prospects force homeowners in an increasing number of U.S. metropolitan areas into dire financial straits....

Congressional lawmakers scramble to come up with quick fix to the foreclosure fiasco that has threatened the economic recovery and thrown a monkey wrench into their re-election campaigns.Up to 40 States Plan Foreclosure Data Inquiry

In a counterintuitive solution, nonprofits in Boston are selling houses back to owners after foreclosure.

President Obama will use a campaign stop for Senate Majority Leader Harry Reid  to announce a new initiative to help support homeowners in states hit hardest by the housing crisis.

After a slow start, the Obama administration's mortgage relief program has reached one in five eligible homeowners, a government report says.

Fannie Mae plans to allow homeowners facing foreclosure to stay in their homes and rent them for up to one year in a new program to help troubled borrowers.

The Obama administration’s effort to help homeowners avoid foreclosure may not achieve its goal of helping 3 million to 4 million borrowers, a government watchdog group says.

U.S. home loans failed at a record pace in July despite ongoing federal and state programs to avoid foreclosures, which have severely strained housing and the economy.