Housing

Even while FHFA finally embarked on a principal reduction plan, critics argued it was a dangerous idea that made Fannie Mae and Freddie Mac less safe while helping relatively few people.

Purchase mortgage activity, which normally picks up in March and April, is getting an extra boost from an improving economy, the Mortgage Bankers Association reported.

FHFA Director Mel Watt acknowledged that the principal reduction program may seem "too small and too late."

The number of new foreclosure filings in the first quarter stood at their lowest level in more than nine years, RealtyTrac reported.

Mortgage rates for 30-year loans dropped to the lowest level in almost three years, aiding homebuyers during the housing market's busiest season for transactions.

Mutual of Omaha Bank and an affiliate of PlainsCapital Bank in Dallas have partnered to sell residential mortgages.

Mortgage applications leaped 10% from a week ago on favorable conditions, according to the Mortgage Bankers Association.

PulteGroup's founder and largest stockholder hired lawyers from a shareholder-activism practice, a sign that he'll increase pressure to get Richard Dugas to step down immediately as the homebuilder's chief executive officer.

The number of seriously delinquent mortgages reached its lowest level in over eight years, helped by new job creation and higher wages, CoreLogic reported.

The housing market has been improving but mortgage credit remains "stubbornly" tight on loans bought by the government-sponsored enterprises, according to a chief housing adviser at the White House.