AP - Countrywide Financial placed itself at the epicenter of the housing crisis by making far too many risky loans to homeowners who ultimately couldn’t afford them. Those missteps cost CEO Angelo Mozilo his job when the lender was taken over by Bank of America a year ago at a fire sale price.
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AP - Thousands of first-time homebuyers will be able to get short-term loans so they can quickly make use of a new $8,000 tax credit to pay for some of the costs of buying a home purchase.
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AP - Roger Wald recently discovered he would save $25,000 a year if he refinanced his five-year mortgage at 4.75 percent. Wald, an auto body repairman in Sarasota, Fla., could have gotten that rate last month.
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Reuters - Sales of new U.S. single-family homes rose slightly in April, while fewer workers filed for first-time jobless aid last week, raising hopes the worst of the deep economic recession was likely over.
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AP - Sales of newly built homes were flat last month, but were 7 percent above the rock-bottom lows of January as the battered U.S. real estate market appears to be starting a slow and gradual recovery.
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Reuters - A pickup in U.S. home sales has kindled hopes for a housing recovery, but plunging prices, rising unemployment and a new wave of foreclosures are clouding prospects for a quick end to the American real estate debacle.
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AP - The mortgage crisis is spreading and hitting new heights: Borrowers with good credit now make up the largest share of foreclosures as job losses and pay cuts exact their toll.
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Reuters - Wall Street may feel more pressure next week unless a raft of economic data, including consumer confidence, home sales and GDP, restores the optimism that had driven a two-month rally before fading in the past few days.
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CQPolitics.com - There should be no doubt that the American people — and their elected representatives — see credit card companies as the prime villains of the moment. They may have even been elevated to villains of the year, now that the subprime mortgage industry has mostly gone belly up.
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AP - Buried in a housing law signed this week by President Barack Obama are protections that will help thousands of renters stay in their homes at least for awhile after their landlord has been foreclosed on.
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