Adjustable mortgages threatened to be a big problem this year, coinciding with the peak of the housing market in 2005 and homeowners not owing principal for five years. But the situation isn't as bleak as once feared. Mitchell Hartman explains why.
New initiatives are being rolled out to help struggling homeowners. Lenders will be required to temporarily lower or eliminate monthly payments for people who've lost jobs, and they'll get incentives to reduce the principal on underwater homes. Mitchell Hartman reports.
The government wants to offer voluntary refinancing to borrowers with underwater mortgages, while Bank of America's plan to help homeowners is still ago. Steve Chiotakis gets more details from Marketplace's Brett Neely.
Bank of America is set to announce a plan today that will forgive some of the amount homeowners who are underwater owe on their mortgages. Steve Chiotakis gets more details from Marketplace's Brett Neely.
Treasury Secretary Timothy Geithner got a grilling from impatient lawmakers on Capitol Hill who want to know what the Obama administration is going to do about mortgage giants Fannie Mae and Freddie Mac. Nancy Marshall Genzer reports.
Government officials still see housing recovery in a precarious position. With that, the House Financial Services Committee will be looking into whether the government should be promoting home ownership. Nancy Marshall Genzer reports.
