U.S. to pay off mortgage investors
U.S. to pay off mortgage investors
Treasury Department announces new mortgage incentives for lenders, which will reduce monthly payments for millions of borrowers.
WASHINGTON (Reuters) — The U.S. Treasury Department will Tuesday tap a $50 billion housing rescue fund to pay off mortgage investors and reduce monthly payments for millions of borrowers, said a senior administration official.
Mortgage servicers that own a small stake in costly loans will receive a cash payment to either erase the debt or agree to accept a reduced return on their investment.
US foreclosures up 24 percent in 1st quarter
US foreclosures up 24 percent in 1st quarter
Foreclosures up 24 percent in first quarter as temporary halts expire
- Thursday April 16, 2009, 6:20 am EDT
WASHINGTON (AP) — The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday.