The Hill News

The nation’s housing markets continue to struggle and underwater mortgages are a big deal. According to recent estimates by CoreLogic, 23.1 percent of mortgage borrowers currently owe more on their mortgage than the appraised or estimated value of their homes and approximately 10 percent owe more than 125 percent of the value of their home. Nationwide, mortgaged homes are over $750 billion underwater.

So it was of interest that the Financial Times reported that “U.S. officials investigating improper foreclosure practices have rebuffed a $5bn offer from the largest banks to settle claims as far too low, a person familiar with the discussions said.” Instead, state attorneys-general and federal regulators are reported to be seeking $20 billion.

Read more...