Fannie Mae and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money.
Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, would have $728 billion in risk- weighted assets under new capital rules, a 67 percent jump from the amount it had under earlier regulations.
Cantor Fitzgerald LP, the New York- based bond broker transforming itself into a full-service investment bank, hired Mark Goldman as head of European fixed- income sales, according to a person with knowledge of the hire.
Lennar Corp., the third-largest U.S. homebuilder by revenue, has signed a memorandum of understanding for a $1 billion loan from China Development Bank Corp. to fund projects in San Francisco, said four people with direct knowledge of the matter.
Harvey Collier, a mortgage broker in Fort Lauderdale, Florida, says he gets as many as 10 calls a month from people planning to default on their loans. The twist: They first want financing to buy another home.
Ben S. Bernanke’s success in pushing mortgage rates to record lows is enabling Congress to fund last month’s payroll tax cut extension by siphoning money from Fannie Mae and Freddie Mac, while homebuyers still benefit from the cheapest borrowing costs in history.
Sue Stamper, a business owner in Sacramento, California, wants to buy a home. After mortgage- financiers Fannie Mae and Freddie Mac imposed the strictest loan standards in more than a decade, she doesn’t qualify.
Iain Heydon traveled to Colorado’s Rocky Mountains three times during the past year looking for a vacation home in Grand Lake , where waterfront properties list for as much as $3.95 million. After seeing more than a dozen houses, he has yet to make an offer.