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Former Countrywide Financial Corp. executive Edward O'Donnell will get $57 million for his part in bringing a whistle-blower lawsuit against Bank of America Corp. which helped the U.S. force the lender to pay almost $16.7 billion to settle mortgage fraud charges.

Bank of America Corp. and US Bancorp were sued by the agency that oversees federal credit unions, which claimed the banks failed as trustees over securities backed by home mortgages that defaulted after the 2008 credit crisis.

Despite looser credit consumer demand has been on the decline, according to Fannie Mae's fourth-quarter Mortgage Lender Sentiment Survey.

The Senate approved a bill late Tuesday that would retroactively extend over 50 expiring tax provisions for one years, including one that shields distressed homeowners from paying taxes on any mortgage debt forgiven in a short sale.

Bill Ackman, founder of Pershing Square Capital Management, said he's added "meaningfully" to his bets on U.S. mortgage companies Fannie Mae and Freddie Mac in the past two weeks.

The Russian ruble is in freefall — it's down more than 50% since January — and interest rates are climbing on the back of the Bank of Russia's aggressive efforts to shore up the embattled currency.

The housing market will resume its recovery in 2015 after a "disappointing" year as sales accelerate, construction increases and mortgage credit eases.

More than two dozen Senate lawmakers signed a letter this week that urges the Federal Housing Finance Agency to drop its proposal to tighten Federal Home Loan Bank membership rules.

WASHINGTON — More than two dozen Senate lawmakers signed a letter this week that urges the Federal Housing Finance Agency to drop its proposal to tighten Federal Home Loan Bank membership rules.

The deal resolved claims relating to the underwriting and servicing of loans in more than 300 residential mortgage-backed securitization trusts.