Bankruptcy could be just around the corner for New Century Financial, but other lenders are making money buying and selling subprime loans it issued — a profitable fee-collecting game as long as they unload the loans before borrowers default.
Fed Chairman Ben Bernanke was on Capitol Hill today, where everybody wanted to know whether he thought the subprime market will torpedo the rest of the economy.
Some analysts are now saying publicly what others have been thinking: There's got to be a wider economic impact before the housing slump is over. Amy Scott reports.
As some economists worry that U.S. housing troubles could trigger a full-scale global financial crisis, Britain's home builders are still enjoying a robust market. And now two of the biggest are joining forces.
New home sales fell in the first quarter, according to the Commerce Department. But as Janet Babin reports, in order to understand the housing market, there's a bigger picture to consider.
Realtors and sellers have discovered online video sites as a powerful new tool in a housing market that's increasingly friendly to buyers — and it's a trend that's saving everyone time.
As the subprime housing sector continues to crumble, commentator David Frum says maybe our idea of the great American dream is a little off and some people just shouldn't be buying homes.
Both lenders and regulators will be in the hot seat on Capitol Hill this week. With millions of American homeowners facing the threat of foreclosure and a growing number of lenders facing bankruptcy, Congress wants some answers.
We've heard a lot about the big names in subprime lending lately. But people like Frances Geary are struggling to keep their homes as mortgage payments rise. She talked with Jane Lindholm from her Upland, Calif., residence.
The number of failed mortgages is continuing to rise. Marketplace's Steve Tripoli talks with Kai Ryssdal about the shenanigans that have put a lot of new homeowners in trouble.
