Treasury Decides Not To Sell Citigroup Shares at a Loss Going with a Godfather reference, the New York Times today reports that, “Just when Vikram S. Pandit thought he was out, Washington is pulling him back in.” What really happened is that Citigroup (C) bungled its share offering, finding far softer demand for the $20.5 [...]
By E. Scott Reckard and Ronald D. White (Los Angeles Times) - Mortgage defaults soar to record 13% in the second quarter, the number of homeowners behind on payments or in foreclosure rose along with the jobless rate, with California among states leading the way. Widespread joblessness is causing more Americans to fall behind on their [...]
By Brian Louis (Bloomberg) — Mortgage rates for 30-year fixed loans fell this week to the lowest since May, reducing borrowing costs for hesitant buyers as signs show the recession-plagued U.S. housing market may be bottoming. Read article.
By Colin Barr (Fortune) - Texas bank hit by California dreaming. Bank regulators have a Texas-sized problem on their hands — though it’s easy to see much of the trouble resides farther west. Read article.
By E. Scott Reckard (Los Angeles Times) - A borrower accuses Wells Fargo of slashing credit lines based on flawed automated software that exaggerated declines in property values. He seeks class-action status for the suit. Read article.
By GRETCHEN MORGENSON (New York Times) – A federal judge in Manhattan has rejected an argument by Countrywide Financial seeking certain protections from investor lawsuits under new legislation intended to encourage modifications of home loans. Read article.
NEW YORK (CNNMoney.com) — The collapse of Colonial BancGroup poses another hazard to the still-shaky housing market: Mortgages could become even harder to get. Read Article.
WASHINGTON (MarketWatch) — Housing, which led the economy into recession, may be one of the forces that helps to pull it out of the ditch. Read Article.
Los Angeles (LA Times)-California cracks down on foreclosure consultants. Read Article.
Ruth Simon (Wall Street Journal)-Carrington’s Loan Do-Overs Draw Heat. Read Article.