The Chicago Housing Authority has torn down all of its high rises and says it's close to completing its plans to transform public housing. Now, city leaders are moving to the next part of their plan: using public housing funds not just to build homes for poor families, but stores where they could shop and work. Some residents, however, say the city is breaking a promise to provide affordable housing.
Six former employees and one contractor say Bank of America's mortgage servicing unit consistently lied to homeowners, fraudulently denied loan modifications and offered bonuses to staff for intentionally pushing people into foreclosure, according to a Salon.com report.
Mortgage rates have seen a relatively sharp rise this month. The average 30-year fixed-rate loan hit 4 percent earlier in June — a big jump from the record lows of recent years. Some investors are now concerned that the housing recovery could be stifled if rates continue to rise quickly.
The Federal Reserve has two main missions: to maximize employment and minimize inflation. Right now, there are few, if any, signs that prices for goods are spiking, and the job market is still crawling out of its long, deep slump.
One week after the S&P/Case-Shiller indices showed a 10.9 percent jump in U.S. home prices from March 2012 to March 2013 — the biggest year-over-year gain in that data since April 2006 — there's another report showing a similar jump in April.