Housing prices are going through the roof in Canada. The real estate market there is one of the hottest in the developed world. In Toronto, prices increased 10 percent in March alone. The average detached house in the city costs more than $600,000.
That has economists and the government worried that Canada is experiencing a housing bubble that's about to burst.
It's been more than six months since government regulators and banks first extended an offer to 4.3 million homeowners facing foreclosure: to review, at no cost, the foreclosure process to check for any possible errors or misrepresentations.
Homeowners stand to collect compensation of as much as $100,000 if errors are found. But thus far, only a tiny percentage of those eligible have signed up.
The mortgage giant Fannie Mae announced today that it made $2.7 billion during the first quarter of 2012. For the first time since the beginning of the financial crisis, Fannie Mae will not ask the federal government for bailout funds.
CNN reports the company will pay a dividend to the Treasury Department. CNN adds: