An explosion in overdue mortgages tailored to home buyers with less-than-sterling credit has driven foreclosure filings to record highs in Massachusetts.
Freddie Mac, the second-biggest buyer of U.S. mortgages, plans to toughen its standards and stop buying certain types of risky loans that have been linked to a high number of defaults.
General Motors Corp., the world's largest automaker, may take a charge of almost $1 billion to cover bad mortgage loans made by its former home-lending unit, according to a Lehman Brothers Holdings Inc. analyst.
