LETTERS: Of MERS and Mortgages
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When the MERS name appears on the mortgage instrument and borrowers sign their mortgage documents at the closing, the borrowers have contractually agreed to have MERS as the mortgagee.

A Swift Deal May Not Be a Sound One
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ONE crucial reason the nation’s mortgage industry ran itself — and the entire nation — off the rails was its obsession with speed. Mortgages had to be approved chop-chop, loans pooled instantly. When it came to foreclosure, well, the quicker the better.

Where All the Mortgage Documents Go
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In light of how long it can take to close a refinancing or mortgage these days — especially considering how many paper documents are involved in the process and could potentially get lost, delaying the process further — we wondered whether a mortgage cloud of sorts exists at any banks.

Borrowing Again, but Less on Credit Cards
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AMERICAN consumers are borrowing again, but many are still reluctant to run up credit card debts. The Federal Reserve Board reported this week that the amount of outstanding nonrevolving consumer debt — term loans to pay for things like cars, education or vacations — rose $9.3 billion in January to a record $1.617 trillion.

Ex-Fannie Mae Chief May Face S.E.C. Charges
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Daniel H. Mudd, the former chief executive of Fannie Mae, may soon face civil charges stemming from his tenure at the mortgage finance giant, according to a person briefed on the matter who was not authorized to speak publicly.

A Red Flag On Reverse Mortgages
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It is the saddest of paradoxes: a government-backed financial maneuver intended to free up extra money for struggling older people turns out to have left some widows and widowers on the brink of foreclosure.

U.S. Inquiry on Military Family Foreclosures
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The Justice Department is investigating allegations that a mortgage subsidiary of Morgan Stanley foreclosed on almost two dozen military families from 2006 to 2008 in violation of a longstanding law aimed at preventing such action.

U.S. families cut debt to lowest level in 6 years
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U.S. families — by defaulting on their loans and scrimping on expenses — shouldered a smaller debt burden in 2010 than at any point in the previous six years, putting them in position to start spending more.

Mortgage rates on 30-year fixed loans soar above 5%
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The average rate on a 30-year mortgage zoomed past 5% this week, reaching the highest level in nine months.

Crisis Is Over, but Where’s the Fix?
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A surprising citadel of that second-guessing is at the International Monetary Fund, where researchers this week concluded that the rescues “only treated the symptoms of the global financial meltdown.”

EDITORIAL: Bank Customers Win One (Soon)
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Barring a last-minute assault from the banks, a federal rule to protect vulnerable Americans from overly grabby creditors will take effect on May 1.

Republicans see power abuse in U.S. foreclosure probe
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The 27-page settlement proposal backed by a group of federal regulators and state attorneys general includes a directive to step up efforts to keep borrowers in their homes, including reductions in loan principal.

Foreclosure filings drop to three-year-low
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Foreclosure filings dropped 14% in February compared with January, hitting a three-year low as allegations of improper processing continued to plague mortgage servicers, RealtyTrac’s chief executive said Thursday.

Underwater mortgages in US rise
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The number of Americans who owe more on their mortgages than their homes are worth rose in the October-December quarter to 11.1 million. About 23 percent of all mortgaged homes are underwater.

New Rules for First-Time Home Buyers
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Not long ago, first-time buyers accounted for 40% of home sales. Now they're down to 29% and falling, experts say, as first-time buyers confront a steady accumulation of rising fees, costs, and rates. This month, fees on most new mortgages will rise by up to 0.50%. In April, fees on small-down-payment mortgages, a first-time buyer favorite, will spike.