News

Housing Secretary Pushes Mortgage Write-downs

The Obama administration wants Fannie Mae and Freddie Mac, which finance the bulk of U.S. mortgages, to start reducing loan balances for troubled borrowers, but with safeguards to prevent them from purposely defaulting to obtain relief.

More Americans Win Mortgage Loan Modifications

The U.S. Treasury Department said on Friday that the number of active permanent mortgage loan modifications agreed to by banks rose 13,836 during February to 782,609 by the end of the month.

US Strip-Mall Vacancy Falls 1st Time in 7 Years

The average vacancy rate at U.S. strip malls fell for the first time in nearly seven years in the first quarter and rents inched up, but it is too early to call a rebound for a sector battered by the housing bust and recession, a report by Reis Inc showed.