fannie mae

Over the past month, the so-called “foreclosure-gate” has been dominating the headlines. Millions of foreclosure proceedings have been halted over suspicion that bank and mortgage company employees used unverified or falsified documents to expedite home seizures. Bank of America froze foreclosures in all 50 states last week, and JPMorgan Chase and Ally Financial stopped proceedings [...]

Government-owned mortgage-finance titan Fannie Mae announced last week it would lock out borrowers from getting a new loan for seven years if they default on a mortgage they could afford to pay. The move represents the latest effort by the mortgage industry to prevent a new wave of losses that could result if more borrowers [...]