Source: David Jackson / USA Today President Obama nominated North Carolina congressman Mel Watt to head the government agency that oversees the government-backed mortgage giants Fannie Mae and Freddie Mac, prompting criticism from Republicans over proposals to allow some principal reductions for struggling homeowners. “Mel understands as well as anybody what caused the housing crisis,” Obama [...]
Source: CNN Money Bank of America has reached a $10.3 billion settlement with Fannie Mae to deal with questionable home loans it sold to the government-backed mortgage financer during the housing bubble. BofA (BAC, Fortune 500) will pay $3.55 billion in cash to Fannie as part of the deal. It will also repurchase 30,000 questionable mortgages that are [...]
In this week’s segment of “The Choice,” Whose policies are better for supporting homeownership? The collapse in the housing market wiped out a staggering 53 percent of black wealth according to the Pew Research Center, and families that lost their homes due to foreclosure will be stuck with poor credit scores for years to come. [...]
Roland Martin and the Washington Watch roundtable discuss the how the economy, unemployment numbers, housing crisis will impact the 2012 Presidential election. Is Rush Limbaugh the mouthpiece of the Republican party; will Mitt Romney tell Limbaugh to be quiet? Plus, New York places a ban on 32 oz.drinks; has the Big Apple become a nanny [...]
Source: AP / MSNBC NEW YORK — Bank of America says it has begun a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners. The “Mortgage to Lease” program, which was launched this week, will be available to fewer [...]
Source: Alexander Eichler / The Huffington Post Everyone knows the economy has been rough on homeowners lately. But for people who rent — especially for people who rent and don’t make very much money — things may be even worse. For Americans of modest income, it’s “incredibly difficult” to afford rental housing right now, according to Megan [...]
JOIN THE LIVE CHAT VISIT WHITEHOUSE.GOV President Obama Speaks on The Housing Settlement
Source: Derek Kravitz / AP / MSNBC Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter. Freddie Mac said Thursday that it lost $6 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 [...]
Something is going on in America right now – something very big. It’s grown out from the pain and frustration of the Great Recession. It’s grown out of the anger at the Wall Street and political elite that were complicit in the collapse of the economy. We see this change in the polling that shows [...]
Visit msnbc.com for breaking news, world news, and news about the economy Source: MSNBC Congressman Elijah Cummings (D-MD) believes members of the Tea Party support Herman Cain as a way to prove that they are not racist. In an interview with David for this week’s Press Pass, Cummings said, “I think when [members of the [...]
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