home foreclosures

The new chief executives of Fannie Mae and Freddie Mac are trying do more to stop the home foreclosures hammering the housing market, but said it still might take years for real estate to recover in some cities.

Marcelle Uptain grew up during the Great Depression, so her response to the recent bank turmoil, the stock market plunge and home foreclosures was simple — take her money out of the bank and hide the cash at home.

President Bush said Wednesday that lawmakers risk a cascade of wiped-out retirement savings, rising home foreclosures, lost jobs and closed businesses if they fail to act on a massive financial rescue plan.

"Our entire economy is in danger," he said.

Home foreclosures hit another record in the second quarter, but the number of borrowers falling behind on payments dropped for the first time in more than two years, an industry report shows.

West Virginia's attorney general accuses a national mortgage lender of making risky and unconscionable loans in a lawsuit that's similar to challenges filed in several other states.

"In addition, abusive, unfair or deceptive lending practices led some borrowers into mortgages that they would not have chosen knowingly."

If you're facing foreclosure, Treasury Secretary Henry Paulson wants to help. "If someone is willing to make a call to reach out," says Paulson, "there's a chance we can save their homes." But Paulson can't save these homes because the homes are not endangered in the first place.