Bank of America Corp. is paying $950 million to settle claims that its Countrywide unit pooled faulty mortgages into securities that helped hobble Financial Guaranty Insurance Co. and saddled buyers with losses.
Freddie Mac, which has sold $3.1 billion of securities sharing the risk it bears from homeowner defaults, will seek to sell debt tied to potentially riskier mortgages, according to a company executive.
Hungary needs a stronger forint because the current rate endangers foreign-currency borrowers, said Attila Mesterhazy, the leader of the opposition alliance preparing for the country’s April 6 general election.
U.S. mortgage servicers including Citigroup Inc. and Bank of America Corp. have finished paying $20 billion in relief to borrowers under a legal settlement over botched foreclosures, the court-appointed monitor said.
Hungarian lawmakers can retroactively amend the terms of some loan contracts, the Constitutional Court said in response to a government request concerning about $15 billion in foreign-currency mortgages.
A year ago, New Jersey contractor Michael Mroz’s customers were focused on saving money when renovating kitchens and baths, he said. Now, with a resurgence of home equity lending, they’re ready to pay for the best.
Caixa Economica Federal, Brazil’s third-biggest bank by assets, said home-equity lending will expand twice as fast as growth in the nation’s consumer credit market next year as borrowers seek to refinance debt.