Monday, September 17, 2007

Bloomberg - "Frank May Win `Tougher Than Expected' Subprime-Lending Limits" (9-17-07)

"U.S. Representative Barney Frank, whose efforts to clamp down on mortgage-lending abuses were thwarted by the last Republican Congress, is about to try again. He should have better luck this time. Frank, the Massachusetts Democrat who heads the House Financial Services Committee, will soon introduce legislation aimed at shielding consumers from deceptive practices. His proposals follow those already floated by his Senate counterpart, Banking Committee Chairman Christopher Dodd, and President George W. Bush."


CNN - "Caught in a toxic mortgage" (9-17-07)

"It seems surprising that Kurt and Vicki Oliver could lose their home to a bank foreclosure. They had great credit, long-term employment and excellent assets and income. But their main problem wasn't a usual symptom of troubled borrowers: job loss, divorce, personal problems or health reasons. Instead, they say, it was a bad mortgage from a fast-talking broker."

Bloomberg - "Greenspan's Miscues Haunt Bernanke as Fed Weighs Cut" (9-17-07)

"Federal Reserve Chairman Ben S. Bernanke is grappling with what predecessor Alan Greenspan might call a conundrum. At issue is whether today's U.S. economy most resembles 1998, when Greenspan may have been too eager to cut interest rates, or 2000-2001, when he may have been too slow. The trouble is, the situation now resembles a bit of both."

NAHB - "FHA Reform Bill Would Expand Mortgage Financing Options And Address Subprime Crisis" (9-17-07)

"The National Association of Home Builders (NAHB) today called on the U.S. House of Representatives to approve legislation this week that would allow the Federal Housing Administration to insure more home loans and address problems in the subprime mortgage market. Underscoring the importance of this issue to the housing community, NAHB sent a letter to every House member urging them to support H.R. 1852, the Expanding American Homeownership Act of 2007, when the bill goes to the House floor later this week."


CNBC - "Greenspan: Fed Couldn't Stop Housing Bubble" (9-17-07)

"The Federal Reserve tried to curb the explosive growth in the U.S. housing sector under Alan Greenspan's tenure, but each time it tried to raise long-term interest rates it failed, the former Fed chief said. 'In 2004 we tried to raise mortgage rates by moving the 10-year Treasury note up and we failed,' Greenspan told CNBC, adding that the Fed failed again in 2005 and would have failed had it tried in 2002."

DQNews - "
California August 2007 Home Sales" (9-17-07)

"A total of 33,429 new and resale houses and condos were sold statewide last month. That's down 5.0 percent from 35,185 for July, and down 34.5 percent from 51,054 for August 2006. Last month's sales made for the slowest August since 1992 when 29,764 homes were sold. August sales from 1988 to 2007 range from the 29,764 in 1992 to 73,285 in 2005. The average is 50,524. On a year-over-year basis, sales have declined the last 23 months."

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