Bay Area home prices are increasingly unaffordable, and a change in mortgage rates could dramatically worsen the crisis.
Wells Fargo & Co. is cutting 700 jobs from its home lending business as mortgage refinancing slows down.
Sellers across California have been holding the door open, hoping to cash in on double digit increases in home prices, and a surplus of buyers motivated by low interest rates. But, the stalemate in Washington is stalling home sales in the Bay Area.
The Richmond City Council Tuesday evening will consider scrapping the city’s controversial plan to buy struggling homeowners’ underwater mortgages.
The mayor of a financially struggling East Bay city and several supporters showed up unannounced Thursday at Wells Fargo Bank’s headquarters to demand it drop a lawsuit fighting a novel plan to refinance hundreds of “underwater” mortgages.
Despite rising home prices in much of the Bay Area, many home buyers are struggling to wade out from their underwater mortgage – prompting some Richmond city leaders to attempt a unique tactic to provide mortgage relief.
Most tax filers are getting a refund after they file their 2012 return. With the average refund running about $3,000, a lot of people will be thinking about what to do with the extra cash.
Wells Fargo, the country’s biggest mortgage lender, said it earned a record $4.9 billion in the fourth quarter, up 25 percent from the same period a year before.
U.S. banks have taken another step to clear away the wreckage of the 2008 financial crisis by agreeing to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners.
Occupy demonstrators and housing advocates and briefly took over a Wells Fargo Bank branch in San Francisco’s Bayview neighborhood Thursday as part of a protest denouncing foreclosure.