Housing Market, Homeowner | featured news

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

Almost half of U.S. homeowners with a mortgage are likely to owe more than their properties are worth before the housing recession ends, Deutsche Bank AG said.

Many mortgage companies are reluctant to give strapped homeowners a break because the companies collect lucrative fees on delinquent loans.

President Barack Obama announced fresh aid to struggling homeowners in California Thursday, playing a bit of divide-and-conquer by pitting his Republican critics in Washington against GOP governors and mayors eager for the federal money.