AIG unit sues Countrywide over loan losses
The Associated Press
LOS ANGELES (AP) — A unit of embattled insurer American International Group Inc. filed suit against mortgage lender Countrywide Financial Corp. in California federal court Thursday, alleging Countrywide misrepresented the health of loans that the ...

Senate Passes Cap On Interest Rates
KFOXtv.com, TX
SB 609 would give borrowers in foreclosure 45-day notice to vacate property and outline possible remedies to escape foreclosure. Currently, mortgage lenders in Texas must give only 20 days notice before foreclosing property, one of the shortest notice ...

For Some, Mortgage 'Refi's' Possible
CBS2 Chicago, IL
"In this day -- $300 is like a million." Dahleh said right now 70 percent of his business is people refinancing. A lot of folks can't because their loan amount is more than the value of their homes. But he says starting in April Fannie Mae is supposed ...

Fed action spurs jump in mortgage activity
Milwaukee Journal Sentinel, WI
By Paul Gores of the Journal Sentinel Mortgage lenders saw a spike in refinance applications Thursday as interest rates moved near record lows in response to the Federal Reserve's new plan to boost the sagging housing industry and economy. ...

Obama's March Madness
The Daily Voice, NY
... the worst and most wide-ranging mess in American presidential history (two wars, a Wall Street meltdown, the collapse of the American/world banking system, record unemployment, plummeting home values and skyrocketing foreclosure rates, etc.). ...

PRECIOUS-Gold down as Chinese dealers sell, ETF at record
Forex Pros, British Virgin Islands
Bullion rose sharply on Thursday after the dollar fell following the US Federal Reserve's surprise announcement a day earlier that it intended to buy long-dated US Treasuries along with US mortgage and agency debt in a big way. ...

Pinellas' population shrinks while rest of Tampa Bay grows
Tampabay.com, FL
First-time home buyers and relocating families continue to move into Pinellas, which has the region's lowest foreclosure rate, Ubaldini said. "It's not like in Hillsborough County, with row after row of empty houses," said Realtor Nancy Riley with ...

Economic woes changing MIP model
Hollywood Reporter, United States
"The credit crunch has forced a revolution in the industry," said James Burstall, CEO of London-based Leopard Films. "The establishment is breaking up, fat cats are being thrown out of their ivory towers. We are having to rethink how we restructure ...

As loan servicers scramble to implement President Obama's foreclosure prevention plan, the administration on Thursday unveiled a Web site to assist homeowners in determining whether they are eligible for help.

WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today approved nearly $731 million in funding for 48 States and local communities seeking to recover from the effects of high foreclosures and declining home values. Funded under HUD's Neighborhood Stabilization Program (NSP),these plans will target emergency assistance to particular neighborhoods by acquiring and redeveloping foreclosed properties that might otherwise become sources of abandonment and blight (see attached chart).

WASHINGTON, DC - Today, President Barack Obama announced his intent to nominate the following individuals to key administration posts: Susan Burk, Special Representative of the President, with the rank of Ambassador, State Department;Raphael Bostic, Assistant Secretary for Policy Development and Research, Department of Housing and Urban Development; Michelle J. DePass, Assistant Administrator for International Affairs, Environmental Protection Agency; Cynthia J. Giles, Assistant Administrator for Enforcement and Compliance Assurance, Environmental Protection Agency; Michael L. Connor, Director, Bureau of Reclamation, Department of the Interior; Scott Blake Harris, General Counsel, Department of Energy; and Joseph C. Szabo, Administrator, Federal Railroad Administration, Department of Transportation.

WASHINGTON, DC - Today, President Barack Obama announced his intent to nominate the following individuals for key administration posts: Brian Kennedy, Nominee for Assistant Secretary for Congressional and Intergovernmental Affairs, Department of Labor; Dana Gresham, Nominee for Assistant Secretary for Governmental Affairs, Department of Transportation; Peter Kovar, Nominee for Assistant Secretary for Congressional and Intergovernmental Affairs, Department of Housing and Urban Development; and Sherburne "Shere" Abbott, Nominee for Associate Director of Environment, Office of Science and Technology Policy.

Washington, DC - The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today launched a new website for consumers seeking information about the Obama Administration's Making Home Affordable loan modification and refinancing program. MakingHomeAffordable.gov offers features including interactive self-assessment tools that will empower borrowers to determine if they're eligible to participate and calculate the monthly mortgage payment reductions they could stand to realize under the Making Home Affordable program.

WASHINGTON - The U.S. Department of Housing and Urban Development today announced that it is charging the developers of three multifamily housing complexes in Sioux Falls, South Dakota, with housing discrimination for designing and constructing buildings that failed to accommodate the special needs of elderly and disabled tenants.

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The pace of homebuilding stepped up in February, an unusual bit of good news in the devastated housing market. The number of housing permits issued and homes starting construction both rose at an annualized rate of 547,000 and 583,000, respectively. However, they were still off nearly 50% compared with February a year ago.

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Initial construction of U.S. homes unexpectedly surged in February, after falling for eight months, according to a government report released Tuesday.

For real estate appraisers, determining what a house is worth has become increasingly difficult, which is making it even harder for buyers to purchase homes or for homeowners to refinance.

The number of reported incidents of mortgage fraud has reached an all-time high even as the number of home loans being issued has shrunk, according to a report released Monday.