Rising rates are not welcome news, especially now in the heart of the spring housing market. Much of the market is being fueled by all-cash investors.» Read More
Failed bank IndyMac Bancorp is under investigation by the FBI for possible fraud involving its mortgage lending, unnamed law enforcement officials said on Wednesday.
U.S. Federal Reserve policy makers fretted at their most recent meeting that growing inflation risks may require an interest rate hike, but agreed that the outlook for both prices and growth was still too uncertain, minutes of the meeting showed.
Federal Reserve Chairman Ben Bernanke told a House panel Wednesday a top Fed priority is restoring financial calm even as "too high" inflation and weak growth threaten the economy.
Housing finance giants Fannie Mae and Freddie Mac have the potential to pose systemic risks to the financial system and need a stronger regulator, U.S. Treasury Secretary Henry Paulson said on Tuesday.
A weakening housing market, a strained banking system, and rising oil prices threaten the U.S. economy, and restoring financial market stability is a top priority, Fed Chairman Ben Bernanke said.
Discussion of persistent financial market turmoil is seen as likely to overshadow the Federal Reserve's semi-annual monetary policy outlook when Fed Chairman Ben Bernanke testifies before Congress on Tuesday.
The U.S. Federal Reserve Monday passed rules aimed at cracking down on misleading and deceptive practices in the mortgage lending industry, including a ban on prepayment penalties for many risky loans.
Pressure mounted on Friday for the U.S. government to act more swiftly to prevent the housing crisis from dragging down the nation's top mortgage finance agencies, as Treasury Secretary Henry Paulson indicated that a bailout was unlikely.
Treasury Secretary Henry Paulson said the government's primary focus is to make sure Fannie Mae and Freddie Mac remain able carry out their mission.
Shares of Freddie Mac and Fannie Mae tumbled more than 40 percent Friday as Wall Street continued to worry about the health of the mortgage companies and the potential for a government takeover.
Rates on 30-year mortgages edged up this week, while rates on other home loans were a mixed bag.
Britain's Barratt Developments will cut nearly a fifth of its workforce to cope with the housing market downturn, joining other builders taking similar measures, and will not pay a final dividend for 2007-08.
Austrian brickmaker Wienerberger warned on Thursday that earnings would fall this year as residential construction in Britain "collapsed" and U.S. building fell sharper than expected, sending its shares down as much as 23 percent.
The White House remains focused on passing legislation on Fannie Mae and Freddie Mac that will give confidence to the financial markets, a White House spokesman said Thursday, amid ongoing concerns about the mortgage finance heavyweights' capital levels.
Pending sales of previously owned U.S. homes plummeted by 4.7 percent in May, far more than expected and a sign of more trouble ahead for the beleaguered housing market, a real estate trade group report showed on Tuesday.
Falling sales in a weak home market have left British firms facing their worst cashflow situation since records began in 1992, a survey from the British Chamber of Commerce showed on Tuesday.
Shares in Britain's troubled Bradford & Bingley fell 16 percent on Monday to hit a record low of 41.5 pence, below its rights issue price of 55p, as concerns over the mortgage bank's future persist.
Australian property investor GPT Group slashed its forecast for 2008 earnings by more than a quarter, hit by global market turbulence, sending its shares down as much as 21 percent.
Many U.S. cities where home values have taken a double-digit drop have seen their sales rise by a similar measure as foreclosed homes -- usually a sign of market distress -- are sold off at a discount, paving the way for a recovery.
British housebuilder Taylor Wimpey has failed to raise the extra capital it said it would seek just two days ago, citing tough market conditions, sending its shares and those of its rivals plummeting.