San Diego City Attorney Michael Aguirre, today, filed a lawsuit against Bank of America Corp and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in his city, which he wants to make into a "foreclosure sanctuary." Attorney Aguirre said: "The Countrywide executives who originated these subprime [...]

DataQuick Information Systems of La Jolla reported yesterday home foreclosures were up 18 percent over May and a 180 percent increase over June 2007. New June notices of default dropped just  2% percent from May, but they were still up 93 percent from a year ago. Foreclosures in [...]

Due to 'unforeseen' high default rates on home loans, the FHA expects to lose $4.6 billion. The causes of these losses are cited as the FHA’s seller-financed down payment mortgage program, which in particular has seen high delinquency and rates of foreclosure. In order to avoid the losses, the FHA will have to renew efforts [...]