Housing Crisis, Foreclosure | featured news

The Obama administration announced new plans to make it easier for up to nine million people to rework or refinance their mortgages. Geithner said the Treasury is increasing its funding commitment to Fannie Mae and Freddie Mac.

JPMorgan Chase & Co. and Citigroup Inc. are halting home foreclosures while the Obama administration develops its plans to help the U.S. housing market.

President Obama's administration is considering spending taxpayer dollars to cut monthly payments for homeowners on the verge of foreclosure, according to two people briefed on the proposals.

Banks can't unload their toxic assets. But what if their assets weren't toxic?

Prices of existing U.S. single-family homes dropped a record 12.4 percent in the fourth quarter from a year earlier to the lowest level since 2003, the National Association of Realtors said on Thursday.

President Barack Obama promised on Saturday to help lower Americans' mortgage costs with a new plan, coming soon, that would revive the financial system and "get credit flowing again."

With home foreclosures spiking, the Federal Reserve is taking steps to try to keep some distressed borrowers in their homes.