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Faced with a real estate market that has tightened up lending standards at a time when home values are dropping, more people are borrowing money from their 401(k) retirement plans to help swing a down payment to buy a home.
Fannie Mae says three top executives are leaving as the mortgage finance company aims to cope with mounting losses from the mortgage crisis.
Orders for big-ticket manufactured goods turned in a second consecutive strong monthly performance in July, a far bigger-than-expected gain led by a huge jump in demand for commercial aircraft.
After a rash of consumer complaints, the federal agency charged with regulating savings and loan institutions issued guidance Tuesday warning lenders they could not arbitrarily change the terms of home equity loans.
Homebuilders are always trying to sell their homes, but these days they have an extra incentive - beating the clock.
Shares of Fannie Mae and Freddie Mac climbed for a second day Tuesday amid expectations in some Wall Street quarters that the mortgage finance giants will be able to weather the housing storm without a government rescue.
Sales of new homes rose in July, but still fell short of economists' expectations, and home prices continued to sink.
U.S. home prices fell 4.8 percent in the second quarter compared with a year ago, a new record low, according to a government report.
A widely watched index released Tuesday showed home prices dropping by the sharpest rate ever in the second quarter, but the data for June suggest the severity of the housing slump may be waning.
A former senior analyst for Countrywide Home Loans and another man have pleaded not guilty in an alleged scam to download and sell customer data from the mortgage lender.
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