A lawsuit in the Florida Supreme Court has the potential to undo “hundreds of thousands of foreclosures and open up U.S. banks to severe financial liabilities,” Reuters reports.
Just when some thought mortgage rates couldn’t go any lower, fixed-rate mortgages reached new all-time lows this week, sending home buyer affordability even higher.
The Fed chairman says that even creditworthy home buyers are being locked out of the market as banks continue to be overly cautious in issuing new mortgages.
The White House is set to announce figures reflecting a big jump in the number of Americans participating in federal initiatives meant to aid financially strapped home owners and bolster the sluggish housing market.