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BusinessWeek Online - The battle over the mass modifications of troubled mortgages has begun in earnest. On Dec. 1, William Frey, a private investor in mortgage-backed securities, filed a lawsuit in New York State Supreme Court alleging that the proposed modification of some 400,000 home loans originally underwritten by the defunct lender Countrywide Financial is illegal.
Reuters - Beazer Homes USA posted a wider quarterly loss on Tuesday, citing a further deterioration of the U.S. housing market due to lower consumer confidence levels and reduced access to mortgage financing.
AP - Struggling homebuilder Beazer Homes USA Inc. said Tuesday its fiscal fourth-quarter losses more than tripled as revenue plunged and its income tax provision ballooned.
AP - The percentage of people who are two months behind on their mortgages shot up in the third quarter from the same period last year, according to credit reporting agency TransUnion LLC.
Reuters - A group of bond investors sued Bank of America -owned Countrywide Financial on Monday demanding that Countrywide buy every mortgage loan for which it agrees to reduce payments under a predatory lending settlement deal.
AP - General Growth Properties Inc. has received a two-week extension on mortgage loans totaling $900 million, as the troubled shopping mall owner works to stave off bankruptcy and negotiate longer-term extensions with lenders.
