Mortgage Mess

If you are looking for some useful information on how to understand the chaos in the housing market you may want to take a look at these sites.

The Subprime Mortgage Market
May 2007 remarks by Federal Reserve Bank Chairman Ben S. Bernanke on " Why have delinquencies and initiations of foreclosure proceedings risen so sharply? How have subprime mortgage markets adjusted? How have Federal Reserve and other policymakers responded, and what additional actions might be considered? [And] how might the problems in the market for subprime mortgages affect housing markets and the economy more broadly?" From the Federal Reserve Board.

Interest.com This site "provides the tools and review information that can assist consumers to make the best financial decisions. ... Features ... [include] financial calculators, mortgage charts, consumer articles and [free] e-mail newsletters." Covers mortgages, auto loans, credit card debt and management, home equity loans, bad credit and how to repair it, and investing basics. "Interest.com is an independent information service and is not affiliated with any lending institution."

Office of Federal Housing Enterprise Oversight (OFHEO)
"OFHEO's primary mission is ensuring the capital adequacy and financial safety and soundness of two government-sponsored enterprises (GSEs) — the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac)." This site features analysis and documents, including the September 2004 report expressing concerns with "the framework and conditions of Fannie Mae's accounting policies and internal controls." Also includes an index of house price appreciation and information for consumers. Searchable.

The Subprime Crisis
Audio and transcript of a March 2007 report that sets out the issues relating to "subprime [mortgage] lending, delinquencies, foreclosures, bankruptcies, and the wake of devastation that the turmoil in the subprime market is leaving behind." Includes links to related sites. From MortgageMediaMag.

	Foreclosure Resources for Consumers "If you are having difficulty making your mortgage payment, one of the most important things you can do is seek assistance. ... [These] resources provide information and links to agencies and organizations that may be able to help you." Includes links to government resources from the Department of Housing and Urban Development (HUD), Federal Housing Administration (FHA), Federal Trade Commission (FTC), Internal Revenue Service (IRS), and others. From the Federal Reserve Board (FRB).
	Don't Be a Victim of Loan Fraud "Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud." This consumer information resource from the U.S. Department of Housing and Urban Development (HUD) provides a definition of predatory lending, tactics used by predatory lenders, and tips on buying and financing a home. Includes a link to a list of HUD's housing counseling agencies. These links were provided by the Librarians Index to the Internet. Posted by: Susan Amann, Reference Librarian