Another CEO Gone Give Wachovia's board credit for honesty. The board fired Ken Thompson, who had been chief executive since 2001, and did not mince words in explaining why he was leaving. It is not clear what was new — the news release claims that nothing was — but this comes only weeks after the board stripped [...]...

AP LOS ANGELES - More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday. Nationwide, 243,353 homes received at least one foreclosure-related filing in April, up 65 [...]...

President George W. Bush predicted last August that a plan introduced by the administration to assist American borrowers trying to cope with adjustable-rate mortgages would help tens of thousands of people. Mortgage industry executives were skeptical, however, since only borrowers who had not been in arrears before their mortgage rates increased could qualify. That doubt was [...]...

Mortgage finance firm cuts quarterly dividend as it moves to shore-up capital in the face of losses. NEW YORK (CNNMoney.com) — Mortgage financer Fannie Mae warned Tuesday that the tumbling home values and loan defaults that have crippled the U.S. economy are likely to worsen, after posting a far larger-than-expected first-quarter loss. The firm said it now [...]...

Finance company GMAC LLC, which is partly owned by General Motors Corp., is negotiating terms of a a $3.5 billion loan for its struggling mortgage subsidiary Residential Capital LLC to keep it out of bankruptcy long enough to find a buyer or break it up, Bloomberg reported today. ResCap, the eighth-largest U.S. residential lender in 2007, [...]...