Mortgage Crisis on Yahoo! News Photos

Catherine Keller, 60, sits in her Upper Saddle River, N.J., ...

(AP) — Thu, 02 Jul 2009 18:45:14 GMT

(AP) - Catherine Keller, 60, sits in her Upper Saddle River, N.J., home Tuesday, June 30, 2009. As Keller prepares to retire, the bank loan officer, has gone on scouting trips to North Carolina, South Carolina and Florida, checking out property and other taxes as much as home prices and proximity to hospitals. (AP Photo/Mel Evans)

Catherine Keller, 60, sits in her Upper Saddle River, N.J., ...

(AP) — Thu, 02 Jul 2009 18:44:59 GMT

(AP) - Catherine Keller, 60, sits in her Upper Saddle River, N.J., home, with Ginger, her 14 year-old dog, Tuesday, June 30, 2009. As Keller, a bank loan officer, prepares to retire, she has gone on scouting trips to North Carolina, South Carolina and Florida, checking out property and other taxes as much as home prices and proximity to hospitals. (AP Photo/Mel Evans)

The headquarters of mortgage lender Fannie Mae is shown in Washington ...

(Reuters) — Wed, 01 Jul 2009 21:57:30 GMT

(Reuters) - The headquarters of mortgage lender Fannie Mae is shown in Washington September 8, 2008. REUTERS/Jason Reed

In this June 24, 2009 photo, a house for sale is shown in San ...

(AP) — Tue, 30 Jun 2009 13:16:03 GMT

(AP) - In this June 24, 2009 photo, a house for sale is shown in San Francisco. The Standard & Poor's/Case-Shiller index released Tuesday, June 24, 2009, showed home prices in 20 major cities tumbled by 18.1 percent from April 2008. The 10-city index fell 18 percent from the year before. (AP Photo/Jeff Chiu)

In this June 23, 2009 photo, an 'in escrow' sign is seen on ...

(AP) — Tue, 30 Jun 2009 13:14:19 GMT

(AP) - In this June 23, 2009 photo, an 'in escrow' sign is seen on a home for sale in Los Angeles. The Standard & Poor's/Case-Shiller index released Tuesday, June 30, showed home prices in 20 major cities tumbled by 18.1 percent from April 2008. The 10-city index fell 18 percent from the year before. (AP Photo/Reed Saxon)

The headquarters of mortgage lender Freddie Mac is seen in Mclean, ...

(Reuters) — Fri, 26 Jun 2009 13:27:48 GMT

(Reuters) - The headquarters of mortgage lender Freddie Mac is seen in Mclean, Virginia, near Washington, in this September 8, 2008 file photo. REUTERS/Jason Reed/Files

Sales of new homes in the United States dropped in May, government ...

(AFP/File) — Wed, 24 Jun 2009 15:41:31 GMT

(AFP/File) - Sales of new homes in the United States dropped in May, government data showed in a sign that the housing crisis is not yet over.The Commerce Department said new home sales fell 0.6 percent in May from April to an annualized 342,000 units. Most economists had forecast a much stronger rate of 360,000.(AFP/File/Jeff Haynes)

A home is offered for sale June 23, 2009 in the Bucktown neighborhood ...

(AFP/Getty Images/File) — Wed, 24 Jun 2009 15:41:31 GMT

(AFP/Getty Images/File) - A home is offered for sale June 23, 2009 in the Bucktown neighborhood of Chicago, Illinois. Sales of new homes in the United States dropped in May, government data showed Wednesday in a sign that the housing crisis is not yet over.(AFP/Getty Images/File/Scott Olson)

In this photograph taken on Friday, June 19, 2009, mortgage ...

(AP) — Sun, 21 Jun 2009 18:59:35 GMT

(AP) - In this photograph taken on Friday, June 19, 2009, mortgage broker Kevin R. Iverson poses in an office in the Cherry Creek area of Denver. A good mortgage broker should always show a borrower plenty of options, including the traditional 30-year fixed-rate loan, and explain the risks clearly, Iverson said. (AP Photo/David Zalubowski)

US dollar notes are checked at a bank. The International Monetary ...

(AFP/File) — Mon, 15 Jun 2009 21:18:57 GMT

(AFP/File) - US dollar notes are checked at a bank. The International Monetary Fund on Monday said the US economy was set to grow more strongly than previously thought, with a "solid" recovery from recession in mid-2010, but cited risks, notably from the housing crisis and rising interest rates.(AFP/File/Jung Yeon-Je)

Construction cranes work in Miami, 2008. The International Monetary ...

(AFP/Getty Images/File) — Mon, 15 Jun 2009 15:19:12 GMT

(AFP/Getty Images/File) - Construction cranes work in Miami, 2008. The International Monetary Fund said the US economy was set to grow more strongly than previously thought, with a "solid" recovery from recession in mid-2010, but cited risks, notably from the housing crisis and rising interest rates.(AFP/Getty Images/File/Joe Raedle)

Rising bond yields are taking a toll on home mortgage and corporate ...

(AFP/Getty Images/File) — Sun, 14 Jun 2009 04:59:02 GMT

(AFP/Getty Images/File) - Rising bond yields are taking a toll on home mortgage and corporate lending rates and together with jumping oil prices are threatening the expected US recovery from prolonged recession(AFP/Getty Images/File/Spencer Platt)

Rising bond yields are taking a toll on home mortgage and corporate ...

(AFP/File) — Sun, 14 Jun 2009 04:59:02 GMT

(AFP/File) - Rising bond yields are taking a toll on home mortgage and corporate lending rates and together with jumping oil prices are threatening the expected US recovery from prolonged recession.(AFP/File/Paul J. Richards)

A house in Illinois is listed with a new reduced price. Rising ...

(AFP/Getty Images/File) — Sun, 14 Jun 2009 04:59:02 GMT

(AFP/Getty Images/File) - A house in Illinois is listed with a new reduced price. Rising bond yields are taking a toll on home mortgage and corporate lending rates and together with jumping oil prices are threatening the expected US recovery from prolonged recession.(AFP/Getty Images/File/Jeff Haynes)

Freddie Mac Default Asset Manager Sophie Guerra (C) speaks with ...

(Reuters) — Sat, 13 Jun 2009 22:43:28 GMT

(Reuters) - Freddie Mac Default Asset Manager Sophie Guerra (C) speaks with homeowners Stevie (2nd L) and Ginny Stout (R) about a loan modification as Freddie Mac employees Robert Ragan (L) and Stacey Walker (3rd L) look on at the Housing Rescue Fair held as part of the National Urban League's Economic Empowerment Tour in Dallas, Texas June 13, 2009. The initiative is aimed to help those hardest hit by the economy crisis by providing a one-stop venue for foreclosure prevention, health check-up and employment applications, according to the National Urban League. REUTERS/Jessica Rinaldi (UNITED STATES BUSINESS EMPLOYMENT)

A couple listens as a representative from Freddie Mac talks ...

(Reuters) — Sat, 13 Jun 2009 22:39:12 GMT

(Reuters) - A couple listens as a representative from Freddie Mac talks to them about a loan modification for their home at the National Urban League's Economic Empowerment Tour in Dallas, Texas June 13, 2009. The initiative is aimed to help those hardest hit by the economy crisis by providing a one-stop venue for foreclosure prevention, health check-up and employment applications, according to the National Urban League. REUTERS/Jessica Rinaldi (UNITED STATES BUSINESS EMPLOYMENT)

A woman takes a brochure detailing how homeowners can make their ...

(Reuters) — Sat, 13 Jun 2009 22:34:48 GMT

(Reuters) - A woman takes a brochure detailing how homeowners can make their mortgage payments more affordable at the Fannie Mae booth set up at the Housing Rescue Fair, part of the National Urban League's Economic Empowerment Tour, in Dallas, Texas June 13, 2009. The initiative is aimed to help those hardest hit by the economy crisis by providing a one-stop venue for foreclosure prevention, health check-up and employment applications, according to the National Urban League. REUTERS/Jessica Rinaldi (UNITED STATES BUSINESS EMPLOYMENT)

Matt Bording and Mangala Abeysinghe move belongings from their ...

(Reuters) — Fri, 12 Jun 2009 00:24:46 GMT

(Reuters) - Matt Bording and Mangala Abeysinghe move belongings from their home in Richmond, California June 8, 2009. Bording is walking away from his mortgage because his home has lost so much of its value, and he expects others in his financial bind will as well despite some recent hopeful signs that home prices in the state may be firming. To match feature PROPERTY-CALIFORNIA/PRICES REUTERS/Robert Galbraith (UNITED STATES SOCIETY BUSINESS)

Mangala Abeysinghe packs a box of belongings from the home she ...

(Reuters) — Fri, 12 Jun 2009 00:24:43 GMT

(Reuters) - Mangala Abeysinghe packs a box of belongings from the home she shares with husband Matt Bording in Richmond, California June 8, 2009. Bording is walking away from his mortgage because his home has lost so much of its value, and he expects others in his financial bind will as well despite some recent hopeful signs that home prices in the state may be firming. To match feature PROPERTY-CALIFORNIA/PRICES REUTERS/Robert Galbraith (UNITED STATES SOCIETY BUSINESS)

Matt Bording and Mangala Abeysinghe move some of their belongings ...

(Reuters) — Fri, 12 Jun 2009 00:24:39 GMT

(Reuters) - Matt Bording and Mangala Abeysinghe move some of their belongings from their home in Richmond, California June 8, 2009. Bording is walking away from his mortgage because his home has lost so much of its value, and he expects others in his financial bind will as well despite some recent hopeful signs that home prices in the state may be firming. To match feature PROPERTY-CALIFORNIA/PRICES REUTERS/Robert Galbraith (UNITED STATES SOCIETY BUSINESS)

Matt Bording packs a box of belongings into his truck at his ...

(Reuters) — Fri, 12 Jun 2009 00:23:25 GMT

(Reuters) - Matt Bording packs a box of belongings into his truck at his foreclosed home in Richmond, California June 8, 2009. Bording is walking away from his mortgage because his home has lost so much of its value, and he expects others in his financial bind will as well despite some recent hopeful signs that home prices in the state may be firming. To match feature PROPERTY-CALIFORNIA/PRICES REUTERS/Robert Galbraith (UNITED STATES SOCIETY BUSINESS)

Matt Bording and Mangala Abeysinghe stand in front of their ...

(Reuters) — Fri, 12 Jun 2009 00:22:12 GMT

(Reuters) - Matt Bording and Mangala Abeysinghe stand in front of their home in Richmond, California June 8, 2009. Bording is walking away from his mortgage because his home has lost so much of its value, and he expects others in his financial bind will as well despite some recent hopeful signs that home prices in the state may be firming. To match feature PROPERTY-CALIFORNIA/PRICES REUTERS/Robert Galbraith (UNITED STATES SOCIETY BUSINESS)

Matt Bording and Mangala Abeysinghe pack belongings from their ...

(Reuters) — Fri, 12 Jun 2009 00:21:00 GMT

(Reuters) - Matt Bording and Mangala Abeysinghe pack belongings from their home in Richmond, California June 8, 2009. Bording is walking away from his mortgage because his home has lost so much of its value, and he expects others in his financial bind will as well despite some recent hopeful signs that home prices in the state may be firming. To match feature PROPERTY-CALIFORNIA/PRICES REUTERS/Robert Galbraith (UNITED STATES SOCIETY BUSINESS)

Matt Bording and Mangala Abeysinghe pack boxes at their home ...

(Reuters) — Fri, 12 Jun 2009 00:19:57 GMT

(Reuters) - Matt Bording and Mangala Abeysinghe pack boxes at their home in Richmond, California June 8, 2009. Bording is walking away from his mortgage because his home has lost so much of its value, and he expects others in his financial bind will as well despite some recent hopeful signs that home prices in the state may be firming. To match feature PROPERTY-CALIFORNIA/PRICES REUTERS/Robert Galbraith (UNITED STATES SOCIETY BUSINESS)

Matt Bording walks through his back yard and into his foreclosed ...

(Reuters) — Fri, 12 Jun 2009 00:19:52 GMT

(Reuters) - Matt Bording walks through his back yard and into his foreclosed home in Richmond, California June 8, 2009. Bording is walking away from his mortgage because his home has lost so much of its value, and he expects others in his financial bind will as well despite some recent hopeful signs that home prices in the state may be firming. To match feature PROPERTY-CALIFORNIA/PRICES REUTERS/Robert Galbraith (UNITED STATES BUSINESS)

Matt Bording carries a packed box from his foreclosed home in ...

(Reuters) — Fri, 12 Jun 2009 00:18:39 GMT

(Reuters) - Matt Bording carries a packed box from his foreclosed home in Richmond, California June 8, 2009. Bording is walking away from his mortgage because his home has lost so much of its value, and he expects others in his financial bind will as well despite some recent hopeful signs that home prices in the state may be firming. To match feature PROPERTY-CALIFORNIA/PRICES REUTERS/Robert Galbraith (UNITED STATES SOCIETY BUSINESS)

Lisette Herrera, 36, (L) sits with her son Angel Guevara, 2, ...

(Reuters) — Thu, 11 Jun 2009 21:10:37 GMT

(Reuters) - Lisette Herrera, 36, (L) sits with her son Angel Guevara, 2, and daughter Iliana Guevara, 3 months, in the living room of the apartment they are being evicted from, in Los Angeles, June 11, 2009. Herrera's family is one of four being evicted from their foreclosed apartment building. The tenants were paying their rent, but had their trash services cut off and are now being evicted after the owner failed to pay the mortgage. REUTERS/Lucy Nicholson (UNITED STATES POLITICS BUSINESS SOCIETY)

Protesters hold signs outside a foreclosed apartment building, ...

(Reuters) — Thu, 11 Jun 2009 21:06:05 GMT

(Reuters) - Protesters hold signs outside a foreclosed apartment building, which four families are being evicted from, in Los Angeles, June 11, 2009. The tenants were paying their rent, but had their trash services cut off and are now being evicted after the owner failed to pay the mortgage on the building. REUTERS/Lucy Nicholson (UNITED STATES POLITICS BUSINESS SOCIETY CONFLICT)

In this photo taken Friday, May 22, 2009, Lacey Pilat, left, ...

(AP) — Thu, 11 Jun 2009 18:18:32 GMT

(AP) - In this photo taken Friday, May 22, 2009, Lacey Pilat, left, and her husband, Steven Pilat pose outside their home in Irving, Texas. Thousands of Americans who have more or less kept up with their mortgages are still in danger of losing their homes because they made a fateful trade-off in this shaky economy -- they let their homeowner association dues slide. The couple is Among those who have been threatened with foreclosure after Lacey, lost her job catering lavish corporate parties and nearly lost the house. (AP Photo/Matt Slocum)

Philadelphia Mayor Michael Nutter discusses a program in his ...

(Reuters) — Thu, 11 Jun 2009 18:03:38 GMT

(Reuters) - Philadelphia Mayor Michael Nutter discusses a program in his city which requires mandatory settlement conferences between lenders and homeowners to avoid foreclosure, in New York, June 11, 2009. Mayor Michael Bloomberg announced a similar plan encouraging homeowners to work with mortgage counselors and free legal assistance to avoid foreclosure. REUTERS/Chip East (UNITED STATES BUSINESS POLITICS)

Mayor Michael Bloomberg announces a plan encouraging homeowners ...

(Reuters) — Thu, 11 Jun 2009 17:45:45 GMT

(Reuters) - Mayor Michael Bloomberg announces a plan encouraging homeowners to work with mortgage counselors and free legal assistance to avoid foreclosure, in New York, June 11, 2009. Philadelphia Mayor Michael Nutter attended the announcement to discuss a similar program in his city which requires mandatory settlement conferences between lenders and homeowners. REUTERS/Chip East (UNITED STATES POLITICS BUSINESS)

Philadelphia Mayor Michael Nutter (R) listens as Mayor Michael ...

(Reuters) — Thu, 11 Jun 2009 17:44:27 GMT

(Reuters) - Philadelphia Mayor Michael Nutter (R) listens as Mayor Michael Bloomberg (L) announces a plan encouraging homeowners to work with mortgage counselors and free legal assistance to avoid foreclosure, in New York, June 11, 2009. Nutter attended the announcement to discuss a similar program in his city which requires mandatory settlement conferences between lenders and homeowners. REUTERS/Chip East (UNITED STATES POLITICS BUSINESS)

Mayor Michael Bloomberg announces a plan encouraging homeowners ...

(Reuters) — Thu, 11 Jun 2009 17:38:28 GMT

Mayor Michael Bloomberg (L) speaks with Philadelphia Mayor Michael ...

(Reuters) — Thu, 11 Jun 2009 17:34:48 GMT

(Reuters) - Mayor Michael Bloomberg (L) speaks with Philadelphia Mayor Michael Nutter (R) after announcing a plan encouraging homeowners to work with mortgage counselors and free legal assistance to avoid foreclosure, in New York, June 11, 2009. Nutter attended the announcement to discus a similar program in his city which requires mandatory settlement conferences between lenders and homeowners. REUTERS/Chip East (UNITED STATES POLITICS BUSINESS)

Mayor Michael Bloomberg announces a plan encouraging homeowners ...

(Reuters) — Thu, 11 Jun 2009 17:33:37 GMT

(Reuters) - Mayor Michael Bloomberg announces a plan encouraging homeowners to work with mortgage counselors and free legal assistance to avoid foreclosure, in New York, June 11, 2009. The sign next to Bloomberg says "Facing foreclosure? We can help." Philadelphia Mayor Michael Nutter attended the announcement to discus a similar program in his city which requires mandatory settlement conferences between lenders and homeowners. REUTERS/Chip East (UNITED STATES POLITICS BUSINESS)

Philadelphia Mayor Michael Nutter (R) discuses a program in ...

(Reuters) — Thu, 11 Jun 2009 17:27:42 GMT

(Reuters) - Philadelphia Mayor Michael Nutter (R) discuses a program in his city which requires mandatory settlement conferences between lenders and homeowners to avoid foreclosure, in New York, June 11, 2009. Mayor Michael Bloomberg (L) announced a similar plan encouraging homeowners to work with mortgage counselors and free legal assistance to avoid foreclosure. REUTERS/Chip East (UNITED STATES POLITICS BUSINESS)

Mayor Michael Bloomberg announces a plan encouraging homeowners ...

(Reuters) — Thu, 11 Jun 2009 17:23:14 GMT

(Reuters) - Mayor Michael Bloomberg announces a plan encouraging homeowners to work with mortgage counselors and free legal assistance to avoid foreclosure, in New York, June 11, 2009. Philadelphia Mayor Michael Nutter (R) attended the announcement to discus a similar program in his city which requires mandatory settlement conferences between lenders and homeowners. REUTERS/Chip East (UNITED STATES POLITICS BUSINESS)

FILE - In this Tuesday, June 17, 2008 file photo, piles of water ...

(AP) — Thu, 11 Jun 2009 03:20:28 GMT

(AP) - FILE - In this Tuesday, June 17, 2008 file photo, piles of water destroyed items line the streets in Cedar Rapids, Iowa. A hole in the government's disaster relief net has left more than 1,000 households still waiting to learn the fate of their damaged homes on the anniversary of one of the most destructive floods in U.S. history. For many, the emergency cash they received is long gone and their long-term assistance has yet to kick in, leaving them holding mortgages for homes they can't live in and 'hanging on by their fingernails.' (AP Photo/Seth Wenig, file)

From left, former Merrill Lynch Chief Executive Officer E. Stanley ...

(AP) — Wed, 10 Jun 2009 18:35:47 GMT

(AP) - From left, former Merrill Lynch Chief Executive Officer E. Stanley O'Neal, John Finnegan, Chair of Management Development and Compensation Committee for Merrill Lynch, and Angelo Mozilo, founder and former chief executive officer of Countrywide Financial Corporation, arrive on Capitol Hill in Washington, Wednesday, June 10, 2009, to testify before the House Oversight and Government Reform hearing examining the compensation and retirement packages granted to the CEOs of corporations deeply involved in the current mortgage crisis. (AP Photos/Susan Walsh)

A large group of people listens to Congressman Elijah E. Cummings ...

(AP) — Sat, 06 Jun 2009 17:06:09 GMT

(AP) - A large group of people listens to Congressman Elijah E. Cummings during a free foreclosure prevention summit to provide families who are delinquent on their mortgages or facing potential foreclosures with the information and resources they need to secure their homes Saturday, June 6, 2009 in Baltimore. (AP Photo/ Gail Burton)

Gloria Wells, right, speaks with Aurora Loan Servicing employee ...

(AP) — Sat, 06 Jun 2009 17:03:35 GMT

(AP) - Gloria Wells, right, speaks with Aurora Loan Servicing employee Chandre Lee at a free foreclosure prevention summit to provide families who are delinquent on their mortgages or facing potential foreclosures with the information and resources they need to secure their homes Saturday, June 6, 2009 in Baltimore. (AP Photo/ Gail Burton)

Joe Cuppy, right, speaks with Chase employee, Byron Bacigalupo ...

(AP) — Sat, 06 Jun 2009 17:02:50 GMT

(AP) - Joe Cuppy, right, speaks with Chase employee, Byron Bacigalupo at a free foreclosure prevention summit, to provide families who are delinquent on their mortgages or facing potential foreclosures, with the information and resources they need to secure their homes Saturday, June 6, 2009 in Baltimore. (AP Photo/ Gail Burton)

A large group waits to register for a free foreclosure prevention ...

(AP) — Sat, 06 Jun 2009 17:02:06 GMT

(AP) - A large group waits to register for a free foreclosure prevention summit to provide families who are delinquent on their mortgages, or facing potential foreclosures, with the information and resources they need to secure their homes Saturday, June 6, 2009 in Baltimore. (AP Photo/ Gail Burton)

Congressman Rep. Elijah Cummings, D-Md., speaks at a free foreclosure ...

(AP) — Sat, 06 Jun 2009 16:36:55 GMT

(AP) - Congressman Rep. Elijah Cummings, D-Md., speaks at a free foreclosure prevention summit to provide families who are delinquent on their mortgages or facing potential foreclosures with the information and resources they need to secure their homes Saturday, June 6, 2009 in Baltimore. (AP Photo/Gail Burton)

An abandoned garden is shown on property identified by a local ...

(AP) — Fri, 05 Jun 2009 22:41:29 GMT

(AP) - An abandoned garden is shown on property identified by a local real estate agent as a foreclosed home in the 35th Congressional District represented by Maxine Waters, D-Callif., in Los Angeles on Friday, June 5, 2009. Several lawmakers whose districts are drowning in foreclosures are taking unprecedented steps to help people stay in their homes, including picking up the phone themselves to negotiate with banks on behalf of their constituents. Waters, who represents Los Angeles, has called mortgage lenders directly to seek lower payments for her constituents. (AP Photo/Damian Dovarganes)

Old furniture is left on property identified by a local real ...

(AP) — Fri, 05 Jun 2009 22:38:55 GMT

(AP) - Old furniture is left on property identified by a local real estate agent as a foreclosed home in the 35th Congressional District represented by Maxine Waters, D-Calif., in Los Angeles on Friday, June 5, 2009. Several lawmakers whose districts are drowning in foreclosures are taking unprecedented steps to help people stay in their homes, including picking up the phone themselves to negotiate with banks on behalf of their constituents. Waters, who represents Los Angeles, has called mortgage lenders directly to seek lower payments for her constituents. (AP Photo/Damian Dovarganes)

FILE - In this April 2, 2009 file photo, House Oversight Committee ...

(AP) — Fri, 05 Jun 2009 19:29:15 GMT

(AP) - FILE - In this April 2, 2009 file photo, House Oversight Committee member Rep. Elijah Cummings, D-Md. takes part in the committee's hearing on Capitol Hill in Washington. Can't afford your mortgage payment? If the bank won't take your call, your member of Congress just might. Several lawmakers whose districts are drowning in foreclosures are taking unprecedented steps to help people stay in their homes, including picking up the phone themselves to negotiate with banks on behalf of their constituents. (AP Photo/Gerald Herbert, FILE)