CNN - "Paulson confident of rate freeze plan" (12-3-07)

"Treasury Secretary Henry Paulson said Monday he is confident there will soon be an agreement to help thousands of homeowners avoid mortgage defaults by temporarily freezing their interest rates."

MSN - "For home builders, the worst is to come" (12-3-07)

"Citigroup sparked a sharp rally in the home-building industry this week by upgrading the group in a 54-page report titled 'The Dark Before the Dawn.' A few of the most beaten-down companies in the sector saw shares advance as much as 8% in a couple of days, while most rose at least 3%."

Reuters - "Fannie Mae to sell $5,5 bln in bills on Wednesday" (12-3-07)

"Fannie Mae, the largest U.S. home funding company, on Monday said it plans to sell $3.0 billion of three-month benchmark bills due March 5, 2008, $1.5 billion of six-month bills due June 4, 2008 and $1.0 billion of one-year bills due Nov. 28, 2008 on Wednesday in a Dutch auction. In such uniform price auctions, successful bidders pay only the price of the lowest accepted bid rather than the actual price as in a conventional multiple-price auction."

Bloomberg - "Moody's May Cut Ratings on $105 Billion of SIVs" (12-3-07)

"Moody's Investors Service is preparing the biggest credit rating cuts since subprime mortgages contaminated the bond market, foreshadowing losses for investments that pay Florida teachers and money market funds. Moody's may lower ratings on $105 billion of debt sold by structured investment vehicles after the average net asset value of SIVs sponsored by firms including New York-based Citigroup Inc. declined to 55 percent from 71 percent a month ago, Moody's said Nov. 30. The net asset value, the amount that would be left for investors if a SIV were forced to sell holdings and repay debt, was 102 percent in June."

CNN - "Builder dumps homes in Morgan Stanley deal" (12-3-07)

"In another sign of the collapse of the market for new homes, builder Lennar Corp. has dumped a portfolio of 11,000 properties for 40 percent of their previously-stated book value. Lennar (Charts, Fortune 500), the nation's largest builder in terms of revenue, is selling the properties to a joint venture it has established with the real estate arm of Wall Street bank Morgan Stanley (Charts, Fortune 500). Morgan Stanley will own 80 percent of the joint venture, while Lennar will own 20 percent."

NAR - "When It Comes to Remodeling, It’s What’s Outside That Counts, Realtors® Report" (12-3-07)

"Many buyers judge a house by its exterior, or so it seems from the results of the 2007 Remodeling Cost vs. Value Report. Three of the four projects with the highest national percentage of costs recouped this year were exterior upgrades. The most profitable project on the national level was upscale siding replacement, recouping 88 percent of costs upon resale. Wood deck additions and wood window replacements also returned more than 80 percent of costs, at 85 percent and 81 percent, respectively. On a national average, the only interior project to return more than 80 percent of remodeling costs this year was a minor kitchen remodel, returning 83 percent of project costs at resale."

Mortgage Bankers Association - "MBA Hails Paulson’s Plan for Tax Exempt Bonds for Mortgage Refis" (12-3-07)

"Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) applauded a proposal unveiled today by Treasury Secretary Henry Paulson to expand tax-exempt qualified mortgage bond programs to refinance existing loans. Under current law, these tax exempt bond programs can only be used to support purchase loans. Secretary Paulson proposed making the tax change effective for the years 2008 through 2010."