Fannie Mae and Freddie Mac recently extended their foreclosure forbearance programs to give short-term aid to unemployed homeowners, but housing counselors warn that these borrowers will need to look at longer-term solutions.

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Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above a year ago, according to the National Association of Realtors®.

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Hyper partisanship and the messy battle to raise the debt limit has caused the approval ratings of Congress to sink. A recent CBS News/New York Times poll even had the disapproval rating of Congress at 82 percent, the highest in decades.

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Despite continuing low mortgage rates, one prominent Detroit bankruptcy attorney says ARMs remain a looming danger and should be avoided.

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A rebound in mortgage rates from last year’s near-record low has reduced consumer demand for home loans and refinancings, leading Wells Fargo & Co. to join other industry stalwarts in laying off loan processors and related workers.

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“The Obama administration proposes to reduce the “footprint” of Fannie Mae and Freddie Mac by reducing the ceiling on loans that the two government-controlled lenders can guarantee as of October 1, 2011. Current federal law allows the two agencies to guarantee mortgages up to $729,750 in some high-home price areas. The administration recommends that Congress [...]

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Late yesterday, President Obama signed a resolution that included a provision extending through fiscal year 2011 the current conforming loan limit of $729,750 for high-cost areas, including many in California. The same limits will also be extended to loans insured by the Federal Housing Administration.

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Friday “Prisoners Cash In On the Homebuyer Tax Credit“: According to the latest reports out this week, while the government has been slow to convict tax credit fraudsters, they’ve apparently been quite swift in granting existing prisoners — even many who are serving life sentences — $8,000 each for the homebuyer tax credit! Thursday “Update1: [...]

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