Housing Crisis on Yahoo! News Photos

FILE - In this July 13, 2008 file photo, the Freddie Mac's ...

(AP) — Sat, 07 Nov 2009 00:21:50 GMT

(AP) - FILE - In this July 13, 2008 file photo, the Freddie Mac's corporate offices are seen in McLean, Va. Freddie Mac says its losses narrowed to $6.3 billion in the third quarter and the company didn't need a federal cash infusion. (AP Photo/Pablo Martinez Monsivais, FILE)

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

(Reuters) — Fri, 06 Nov 2009 22:57:05 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. REUTERS/Jessica Rinaldi

FILE- In this July 11, 2008 file photo, a sign in front of the ...

(AP) — Fri, 06 Nov 2009 00:30:11 GMT

(AP) - FILE- In this July 11, 2008 file photo, a sign in front of the Fannie Mae headquarters in Washington is seen. Seized by federal regulators 14 months ago, the problems at Fannie Mae and sibling company Freddie Mac have proven far worse than most experts had foreseen. Fannie Mae's request Thursday, Nov. 5, 2009, will bring the tab for rescuing both companies to about $111 billion. The government has promised up to $400 billion in assistance. (AP Photo/Manuel Balce Ceneta, File)

The Fannie Mae headquarters in Washington, DC, 2008. US state-controlled ...

(AFP/File) — Thu, 05 Nov 2009 23:53:16 GMT

(AFP/File) - The Fannie Mae headquarters in Washington, DC, 2008. US state-controlled mortgage lender Fannie Mae posted Thursday another multibillion-dollar quarterly loss and said it needed an additional 15 billion dollars in taxpayer funds.(AFP/File/Karen Bleier)

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

(Reuters) — Thu, 05 Nov 2009 22:18:22 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. REUTERS/Jessica Rinaldi

FILE - In this May 2, 2007 file photo, the Fannie Mae building ...

(AP) — Thu, 05 Nov 2009 17:56:11 GMT

(AP) - FILE - In this May 2, 2007 file photo, the Fannie Mae building in Washington is seen. The government-controlled company, through its new 'Deed for Lease' program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that. (AP Photo/Manuel Balce Ceneta, File)

Federal Reserve Board Chairman Ben Bernanke. The Fed has said ...

(AFP/Getty Images/File) — Thu, 05 Nov 2009 01:55:27 GMT

(AFP/Getty Images/File) - Federal Reserve Board Chairman Ben Bernanke. The Fed has said it would buy 1.25 trillion dollars of government agency mortgage-backed securities as previously announced.(AFP/Getty Images/File/Mark Wilson)

An estate agents window display in Epping, 2008. Home prices ...

(AFP/File) — Tue, 03 Nov 2009 13:43:35 GMT

(AFP/File) - An estate agents window display in Epping, 2008. Home prices rose 1.2 percent in October from September, marking the fourth straight monthly gain, a survey from home-loans provider Halifax showed.(AFP/File/Shaun Curry)

U.S. manufacturing activity hit its highest level in 3-1/2 years ...

(Reuters) — Mon, 02 Nov 2009 21:25:47 GMT

(Reuters) - U.S. manufacturing activity hit its highest level in 3-1/2 years last month and pending home sales contracts unexpectedly surged in September, allaying fears the economy's budding recovery would falter. REUTERS/Graphic

Chart shows seasonally adjusted annual rate of pending U.S. ...

(AP) — Mon, 02 Nov 2009 19:00:23 GMT

(AP) - Chart shows seasonally adjusted annual rate of pending U.S. home sales

Traders work on the floor of the New York Stock Exchange, November ...

(Reuters) — Mon, 02 Nov 2009 17:12:40 GMT

(Reuters) - Traders work on the floor of the New York Stock Exchange, November 2, 2009. U.S. stocks rose on Monday after U.S. factory activity grew more than forecast in October, alongside improved global manufacturing, and pending home sales increased unexpectedly. REUTERS/Brendan McDermid (UNITED STATES BUSINESS)

Traders work on the floor of the New York Stock Exchange, November ...

(Reuters) — Mon, 02 Nov 2009 17:11:29 GMT

Traders work on the floor of the New York Stock Exchange, November ...

(Reuters) — Mon, 02 Nov 2009 16:59:16 GMT

Traders work on the floor of the New York Stock Exchange, November ...

(Reuters) — Mon, 02 Nov 2009 16:58:02 GMT

Traders gather at the post that trades CIT Group Inc., before ...

(Reuters) — Mon, 02 Nov 2009 16:48:02 GMT

(Reuters) - Traders gather at the post that trades CIT Group Inc., before the opening bell at the New York Stock Exchange, November 2, 2009. U.S. stocks rose on Monday after U.S. factory activity grew more than forecast in October, alongside improved global manufacturing, and pending home sales increased unexpectedly. REUTERS/Brendan McDermid (UNITED STATES BUSINESS)

A morning commuter walks past the New York Stock Exchange, November ...

(Reuters) — Mon, 02 Nov 2009 16:42:28 GMT

(Reuters) - A morning commuter walks past the New York Stock Exchange, November 2, 2009. U.S. stocks rose on Monday after U.S. factory activity grew more than forecast in October, alongside improved global manufacturing, and pending home sales increased unexpectedly. REUTERS/Brendan McDermid (UNITED STATES BUSINESS)

FILE - In this March 27, 2009, file photo Chief executives ...

(AP) — Sat, 31 Oct 2009 00:35:06 GMT

(AP) - FILE - In this March 27, 2009, file photo Chief executives leave the White House in Washington following a with President Barack Obama. From left, Ronald E. Logue, Chief Executive Officer of State Street Corporation; Freddie Mac Chief Executive Officer John Koskinen; Rick Waddell, President and Chief executive officer Northern Trust; Banker's Association President and Chief Executive Ed Yingling, Celebrities Oprah Winfrey, George Clooney, Denzel Washington and heavyweights from high-tech industries were also among those landing visits with Obama or others at the White House during his first months in office. (AP Photo/Ron Edmonds, File)

A pre-foreclosure sign is displayed outside a home on October ...

(AFP/Getty Images/File) — Wed, 28 Oct 2009 20:30:06 GMT

(AFP/Getty Images/File) - A pre-foreclosure sign is displayed outside a home on October 1, in Miami, Florida. US new home sales fell unexpectedly in September after five consecutive monthly increases, government data showed Wednesday, adding to concerns over the pace of economic recovery.(AFP/Getty Images/File/Joe Raedle)

Workers walk along the roof of an under construction house in ...

(AFP/File) — Wed, 28 Oct 2009 20:30:06 GMT

(AFP/File) - Workers walk along the roof of an under construction house in Centreville, Virginia. US new home sales fell unexpectedly in September after five consecutive monthly increases, government data showed Wednesday, adding to concerns over the pace of economic recovery.(AFP/File/Paul J.Richards)

Chart shows new home sales for the past 13 months, seasonally ...

(AP) — Wed, 28 Oct 2009 18:40:12 GMT

(AP) - Chart shows new home sales for the past 13 months, seasonally adjusted

Workers walk along the roof of an under construction house in ...

(AFP/File) — Wed, 28 Oct 2009 17:44:11 GMT

(AFP/File) - Workers walk along the roof of an under construction house in Centreville, 2005. US new home sales fell unexpectedly in September after five consecutive monthly increases, government data showed Wednesday, adding to concerns over the pace of economic recovery.(AFP/File/Paul J.Richards)

Prime Minister Gordon Brown leaves 10 Downing Street in London ...

(AFP/File) — Wed, 28 Oct 2009 08:06:01 GMT

(AFP/File) - Prime Minister Gordon Brown leaves 10 Downing Street in London on October 14. MPs will be banned from claiming mortgage interest payments as part of a sweeping overhaul of their expenses system in the wake of a damaging scandal, reports said.(AFP/File/Leon Neal)

Prime Minister Gordon Brown leaves 10 Downing Street in London ...

(AFP/File) — Tue, 27 Oct 2009 23:24:38 GMT

(AFP/File) - Prime Minister Gordon Brown leaves 10 Downing Street in London on October 14. Lawmakers will be banned from claiming mortgage interest payments as part of a sweeping overhaul of their expenses system in the wake of a damaging scandal, reports said late Tuesday.(AFP/File/Leon Neal)

A home sold by KB Home displays a "sold" sign out ...

(Reuters) — Tue, 27 Oct 2009 19:15:46 GMT

(Reuters) - A home sold by KB Home displays a "sold" sign out front in Golden, Colorado October 27, 2009. U.S. home prices in August rose for the fourth straight month, surpassing forecasts and providing the latest sign that the hard-hit housing market is stabilizing after a three-year slump, according to a report on October 27, 2009. REUTERS/Rick Wilking (UNITED STATES BUSINESS IMAGES OF THE DAY)

A home sold by KB Home displays a "sold" sign out ...

(Reuters) — Tue, 27 Oct 2009 18:59:50 GMT

A home sold by KB Home displays a "sold" sign out ...

(Reuters) — Tue, 27 Oct 2009 18:56:12 GMT

A home is seen for sale in the Washington suburb of Takoma Park, ...

(Reuters) — Tue, 27 Oct 2009 16:54:41 GMT

(Reuters) - A home is seen for sale in the Washington suburb of Takoma Park, Maryland, October 27, 2009. The Standard & Poor's Case/Shiller report on United States house prices released October 27 showed a fourth month of gains in August. Home prices, battered by a severe recession in housing, appeared to be finding a footing with the index of prices in 20 cities rose 1.2 percent, outpacing median forecasts of economists polled by Reuters. REUTERS/Jim Bourg (UNITED STATES BUSINESS)

A home with a sign indicating that it is under contract to be ...

(Reuters) — Tue, 27 Oct 2009 16:53:31 GMT

(Reuters) - A home with a sign indicating that it is under contract to be sold is seen in a neighborhood of downtown Washington, October 27, 2009. U.S. home prices rose for the fourth straight month in August, providing evidence the hard-hit U.S. housing market is stabilizing. The Standard & Poor's/Case-Shiller report on Tuesday showed a composite index of home prices in 20 metropolitan areas rose 1.2 percent in August from July, well above the estimate of a 0.7 percent rise found in a Reuters poll. REUTERS/Jim Bourg (UNITED STATES BUSINESS)

A 'For Sale' sign is displayed outside a home on October ...

(AFP/Getty Images) — Tue, 27 Oct 2009 14:43:31 GMT

(AFP/Getty Images) - A 'For Sale' sign is displayed outside a home on October 1 in Miami, Florida. Home prices in major US cities fell in August but posted the smallest drop in 19 months, a survey has showed, signaling the housing slump at the center of financial crisis is stabilizing.(AFP/Getty Images/Joe Raedle)

A high priced home sits for sale near St. Charles, Illinois ...

(Reuters) — Tue, 27 Oct 2009 14:29:12 GMT

(Reuters) - A high priced home sits for sale near St. Charles, Illinois in this September 24, 2009 file photo. U.S. home prices rose for the fourth straight month in August and shoppers bought more last week, providing evidence the hard-hit housing market and consumers were stabilizing. The Standard & Poor's/Case-Shiller report on October 27, 2009 showed a composite index of home prices in 20 metropolitan areas rose 1.2 percent in August from July, well above the estimate of a 0.7 percent rise found in a Reuters poll. The increase, however, was less than the 1.6 percent seen in July. REUTERS/John Gress/Files (UNITED STATES BUSINESS)

A "for sale" sign sits outside a house in Miami Beach, ...

(Reuters) — Tue, 27 Oct 2009 14:26:54 GMT

(Reuters) - A "for sale" sign sits outside a house in Miami Beach, Florida, in this October 22, 2009 file photo. U.S. home prices rose for the fourth straight month in August and shoppers bought more last week, providing evidence the hard-hit housing market and consumers were stabilizing. The Standard & Poor's/Case-Shiller report on October 27, 2009 showed a composite index of home prices in 20 metropolitan areas rose 1.2 percent in August from July, well above the estimate of a 0.7 percent rise found in a Reuters poll. The increase, however, was less than the 1.6 percent seen in July. REUTERS/Carlos Barria/Files (UNITED STATES POLITICS BUSINESS)

A woman hands out "Loan Modification Scam Alert" campaign ...

(Reuters) — Mon, 26 Oct 2009 20:02:42 GMT

(Reuters) - A woman hands out "Loan Modification Scam Alert" campaign leaflets at the launch of a national public education campaign, designed to help homeowners protect themselves against home loan modification scams, outside City Hall in Los Angeles, October 26, 2009. One American industry is booming amid the slump and job losses: mortgage rescue scams that prey on homeowners in financial straits. To match feature USA-HOUSING/SCAMS REUTERS/Lucy Nicholson (UNITED STATES BUSINESS)

A woman hands out "Loan Modification Scam Alert" campaign ...

(Reuters) — Mon, 26 Oct 2009 20:01:30 GMT

A man views "Loan Modification Scam Alert" campaign ...

(Reuters) — Mon, 26 Oct 2009 20:01:27 GMT

(Reuters) - A man views "Loan Modification Scam Alert" campaign leaflets at the launch of a national public education campaign, designed to help homeowners protect themselves against home loan modification scams, outside City Hall in Los Angeles, October 26, 2009. One American industry is booming amid the slump and job losses: mortgage rescue scams that prey on homeowners in financial straits. To match feature USA-HOUSING/SCAMS REUTERS/Lucy Nicholson (UNITED STATES BUSINESS)

A for sale sign is displayed outside a home on October 1, 2009 ...

(AFP/Getty Images/File) — Fri, 23 Oct 2009 18:38:30 GMT

(AFP/Getty Images/File) - A for sale sign is displayed outside a home on October 1, 2009 in Miami, Florida. Existing US home sales surged 9.4 percent in September as consumers scrambled to take advantage of an expiring tax credit for first-time homebuyers, industry figures showed Friday.(AFP/Getty Images/File/Joe Raedle)

A "for sale" sign stands outside an existing home ...

(AFP/Getty Images/File) — Fri, 23 Oct 2009 18:38:30 GMT

(AFP/Getty Images/File) - A "for sale" sign stands outside an existing home in September 2009 in Pasadena, California. Existing US home sales surged 9.4 percent in September as consumers scrambled to take advantage of an expiring tax credit for first-time homebuyers, industry figures showed Friday.(AFP/Getty Images/File/David Mcnew)

A "sold" sign stands outside a house in Pasadena, ...

(AFP/Getty Images) — Fri, 23 Oct 2009 14:45:58 GMT

(AFP/Getty Images) - A "sold" sign stands outside a house in Pasadena, California. Existing US home sales surged 9.4% in September as consumers scrambled to take advantage of an expiring tax credit for first-time homebuyers, industry figures have showed.(AFP/Getty Images/David Mcnew)

Street signs outside the New York Stock Exchange. Existing US ...

(AFP/File) — Fri, 23 Oct 2009 14:45:58 GMT

(AFP/File) - Street signs outside the New York Stock Exchange. Existing US home sales surged 9.4% in September as consumers scrambled to take advantage of an expiring tax credit for first-time homebuyers, industry figures have showed.(AFP/File/Stan Honda)

U.S. Federal Reserve Chairman Ben Bernanke (R) and former Treasury ...

(Reuters) — Thu, 22 Oct 2009 22:30:48 GMT

(Reuters) - U.S. Federal Reserve Chairman Ben Bernanke (R) and former Treasury Secretary Henry Paulson testify at the House Financial Services Committee hearing on "Oversight of Implementation of the Emergency Economic Stabilization Act of 2008 and of Government Lending and Insurance Facilities; Impact on Economy and Credit Availability" on Capitol Hill in Washington in this November 18, 2008 file photo. In September 2008, a turbulent month that saw the fall or near-death experience of industry giants like Fannie Mae, Freddie Mac, AIG, Merrill Lynch and Lehman Brothers, Paulson met with Bernanke numerous times. At the time, Bernanke eagerly backed a proposal by Paulson that was widely criticized for being way too thin on details, weighing in at a mere three pages -- and with nary a mention of Wall Street pay. REUTERS/Kevin Lamarque/Files To match FINANCIAL/PAY-FED-POLITICS (UNITED STATES BUSINESS POLITICS)

A property "Sale" sign is seen in a neighborhood in ...

(Reuters) — Thu, 22 Oct 2009 22:22:05 GMT

(Reuters) - A property "Sale" sign is seen in a neighborhood in Vienna, Virginia, outside Washington, October 22, 2009. Sales of previously owned homes in the United States likely rebounded in September after a surprise fall in August, boosted by a government incentive for first-time buyers, low prices and mortgage rates, according to a Reuters poll. REUTERS/Larry Downing (UNITED STATES POLITICS BUSINESS)

A "Sale" sign is seen in a neighborhood in Vienna, ...

(Reuters) — Thu, 22 Oct 2009 22:19:52 GMT

(Reuters) - A "Sale" sign is seen in a neighborhood in Vienna, Virginia, outside Washington, October 22, 2009. Sales of previously owned homes in the United States likely rebounded in September after a surprise fall in August, boosted by a government incentive for first-time buyers, low prices and mortgage rates, according to a Reuters poll. REUTERS/Larry Downing (UNITED STATES POLITICS BUSINESS)

A "For Sale" sign is seen in a neighborhood in Vienna, ...

(Reuters) — Thu, 22 Oct 2009 22:16:32 GMT

(Reuters) - A "For Sale" sign is seen in a neighborhood in Vienna, Virginia, outside Washington, October 22, 2009. Sales of previously owned homes likely rebounded in September after a surprise fall in August, boosted by a government incentive for first-time buyers, low prices and mortgage rates, according to a Reuters poll. REUTERS/Larry Downing (UNITED STATES BUSINESS POLITICS)

A "for sale" sign sits outside a house in Miami Beach ...

(Reuters) — Thu, 22 Oct 2009 16:42:03 GMT

(Reuters) - A "for sale" sign sits outside a house in Miami Beach October 22, 2009. Sales of previously owned homes in the United States likely rebounded in September after a surprise fall in August, boosted by a government incentive for first-time buyers, low prices and mortgage rates, according to a Reuters poll. The survey of 65 economists on average forecast existing home sales rose to a seasonally adjusted annual rate of 5.35 million units in September from 5.10 million units in August. REUTERS/Carlos Barria (UNITED STATES POLITICS BUSINESS)

A for sale sign sits outside a house in Miami Beach October ...

(Reuters) — Thu, 22 Oct 2009 16:37:31 GMT

(Reuters) - A for sale sign sits outside a house in Miami Beach October 22, 2009. Sales of previously owned homes in the United States likely rebounded in September after a surprise fall in August, boosted by a government incentive for first-time buyers, low prices and mortgage rates, according to a Reuters poll. The survey of 65 economists on average forecast existing home sales rose to a seasonally adjusted annual rate of 5.35 million units in September from 5.10 million units in August. REUTERS/Carlos Barria (UNITED STATES POLITICS BUSINESS)

A for sale sign sits outside of a house in Miami Beach October ...

(Reuters) — Thu, 22 Oct 2009 16:22:55 GMT

(Reuters) - A for sale sign sits outside of a house in Miami Beach October 22, 2009. Sales of previously owned homes in the United States likely rebounded in September after a surprise fall in August, boosted by a government incentive for first-time buyers, low prices and mortgage rates, according to a Reuters poll. The survey of 65 economists on average forecast existing home sales rose to a seasonally adjusted annual rate of 5.35 million units in September from 5.10 million units in August. REUTERS/Carlos Barria (UNITED STATES BUSINESS)

A for sale sign sits outside of a house in Miami Beach October ...

(Reuters) — Thu, 22 Oct 2009 16:20:42 GMT

US Treasury Secretary Timothy Geithner, seen here on October ...

(AFP/File) — Mon, 19 Oct 2009 18:31:17 GMT

(AFP/File) - US Treasury Secretary Timothy Geithner, seen here on October 15, unveiled Monday a new plan to boost the beleaguered housing market, helping support low mortgage rates and expanding resources for cash strapped borrowers to own or rent homes.(AFP/File/Emmanuel Dunand)

Kim Borselli, at left, of Las Vegas, Nev., smile after receiving ...

(AP) — Fri, 16 Oct 2009 22:02:51 GMT

(AP) - Kim Borselli, at left, of Las Vegas, Nev., smile after receiving news that her high-risk mortgage was approved for a fixed rate along with friend Sheila Beaton at the Cow Palace in Daly City, Calif., Friday, Oct. 16, 2009. Thousands of home owners turned out to an event sponsored by NACA, a Boston-based non-profit helping people to re-structure high risk loans. (AP Photo/Marcio Jose Sanchez)

In this June 6, 2009 photo, a large group waits to register ...

(AP) — Thu, 15 Oct 2009 17:22:58 GMT

(AP) - In this June 6, 2009 photo, 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, in Baltimore. The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs.(AP Photo/ Gail Burton)

A home at 1229 La Mesa in Spring Valley, California is pictured ...

(Reuters) — Thu, 15 Oct 2009 04:47:29 GMT

(Reuters) - A home at 1229 La Mesa in Spring Valley, California is pictured in this October 2, 2009 photograph. One American industry is booming amid the slump and job losses: mortgage rescue scams that prey on homeowners in financial straits. To match feature USA-HOUSING/SCAMS REUTERS/Mike Blake (UNITED STATES CRIME LAW)