In an attempt to help more underwater homeowners, the Obama administration announced Friday plans to expand its current refinance program by encouraging more participation from mortgage finance companies Fannie Mae and Freddie Mac. Under the Home Affordable Modification Program, or HAMP, banks have received incentives to lower principal on loans for borrowers who owe more than their homes are worth. Currently, about 20 percent of all American homeowners fit into that category. Fannie Mae and Freddie Mac, now under government conservatorship, hold many of those mortgages however, and have been ...

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As lawmakers put pressure on mortgage finance companies Fannie Mae and Freddie Mac to make principal write-downs on underwater loans, the regulator for the two firms sent a letter to Washington on Friday making clear how expensive that plan would be. More than 20 percent of all U.S. homes have negative equity at this point, according to mortgage data company CoreLogic, for a combined equity deficit of $750 billion. Borrowers in this situation often choose to default, even when they could keep up with the payments. Beyond foreclosure problems, this widespread issue keeps borrowers stuck in ...

In a potentially hopeful sign for the U.S. housing market, sales of existing homes rose in December for the third straight month, according to the National Association of Realtors. Total sales grew 5.0 percent to a seasonally adjusted annual pace of 4.61 million homes last month, from November’s downwardly revised 4.39 million rate. Compared with December 2010, sales were up 3.6 percent. Sales as a whole in 2011 rose 1.7 percent to 4.26 million from 4.19 million in 2010. NAR chief economist Lawrence Yun viewed the latest figures with a very optimistic eye. “The pattern of home ...

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