Mortgage, Lenders | featured news

The nation’s biggest banks and mortgage lenders have amassed a glut of foreclosed homes that threatens to deepen the housing slump.

Officials in 49 states have launched a joint investigation into allegations that mortgage companies mishandled documents and broke laws in foreclosing on hundreds of thousands of homeowners.

Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.

As if expecting parents didn’t have enough things to worry about, here comes another thing to fret over: their dimming prospects of buying a home for their growing families.

A New York Times article published Tuesday reported that a pregnancy has become a potential deal-breaker when it comes to securing a home mortgage, even though mortgage rates are the lowest they’ve been in 50 years and home prices are falling.

The case of Carrington Mortgage shows how some loan modifications benefit only the lender.

Policymakers have argued that it is a good deal for lenders to cut borrowers a break on mortgage payments, but foreclosing can be more profitable, experts say.