NAHB - "Fed Rate Cut Will Help Economy; Congressional Action Also Needed" (12-11-07)

"The Federal Reserve Board’s decision today to cut short-term interest rates by 25 basis points is an important step to ensure that the economy is not derailed by problems in the subprime mortgage market, and it is now up to Congress to do its part, according to the National Association of Home Builders (NAHB)."

Mortgage Bankers Association - "Freddie Mac Applies New Market Condition Postsettlement Delivery Fees to All Mortgages With Settlement Dates On or After March 9, 2008" (12-11-07)

"Due to continued deterioration in the mortgage market, Freddie Mac is announcing that effective for all Mortgages sold under flow Purchase Contracts with Settlement Dates on or after March 9, 2008, including Mortgages sold with recourse and indemnification, we will assess an additional 25 basis point postsettlement delivery fee. The new Market Condition Delivery Fee will enable Freddie Mac to continue fulfilling our important housing mission in the current market environment."

Yahoo - "WaMu Shares Fall on Outlook Worries" (12-11-07)

"Washington Mutual's move to slash staff and launch a massive stock offering to shore up its finances may smack of desperation, analysts said Tuesday as the bank's shares tumbled nearly 12 percent. The stock price of the nation's largest savings and loan fell sharply a day after it said it would close offices, lay off more than 3,000 workers, and cut its dividend. It also worried investors by saying it would set aside up to $1.6 billion for loan losses in the fourth quarter and sell $2.5 billion worth of convertible preferred stock."

CNN - "Americans split on mortgage bailout" (12-11-07)

"Americans are nearly equally divided on whether those facing defaults on their mortgages should get special help, with most believing the borrowers are to blame for their own problems. A poll conducted for CNN by Opinion Research Corp. found that 51 percent of Americans surveyed believed that those at risk of defaulting on their mortgages and losing their homes "should receive special treatment." But 46 percent said there should not be any special treatment afforded to those in trouble."

Yahoo - "Freddie Sees $5.5B-$7.5B More Losses" (12-11-07)

"The chief executive of Freddie Mac estimated Tuesday the mortgage finance company will lose an additional $5.5 billion to $7.5 billion over the next few years as the housing crisis worsens and home-loan defaults rise."

Yahoo - "Fed Lowers Rates, Wall Street Tumbles" (12-11-07)

"The Federal Reserve dropped its most important interest rate to a nearly two-year low on Tuesday and left the door open to additional cuts to prevent a housing and credit meltdown from pushing the economy into a recession."

San Francisco Gate - "Washington Mutual to close 190 offices" (12-11-07)

"Washington Mutual Inc., the nation's largest savings and loan, said Monday that problems in the mortgage and credit markets are forcing it to close offices, lay off more than 3,000 workers and set aside up to $1.6 billion for loan losses in its fourth quarter."

The Motley Fool - "The Impending Destruction of the U.S. Economy: Part 1" (12-11-07)

"The massive account deficit we currently hold with the rest of the world totals some $800 billion per year. Where the heck is all that money coming from? From foreign investors in China, Japan, the Middle East, and nearly every other conceivable corner of the globe. They have no problem lending us the difference, because while we as a country spend more than we make -- we're still incredibly wealthy and good on our word. But like a massive Ponzi scheme, the fun will certainly end. In the past six years, the value of the dollar has taken a serious beating. The euro, worth $0.85 a few years ago, is now worth $1.47. Yikes. But because the average American shops mostly within the borders, this probably isn't too pressing an issue, and so the greenback's plummet doesn't show its full effects."

Youtube - "Peter Schiff on Credit Crisis" (12-11-07)

Los Angeles Times - "Stocks up on housing data" (12-11-07)

"Stocks rallied Monday, led by shares of builders and banks, after a measure of home sales unexpectedly rose and foreign investors agreed to inject billions of dollars into a giant Swiss bank. The Dow Jones industrials gained more than 100 points."

Los Angeles Times - "Gauge of pending home sales climbs" (12-11-07)

"Pending sales of existing U.S. homes rose modestly in October, bucking Wall Street forecasts, but the decline from a year earlier was the third-largest on record, a reminder of how far housing has fallen. The National Assn. of Realtors said Monday that its pending home sales index, based on contracts signed in October, was up 0.6% to 87.2 from an upwardly revised index of 86.7 in September."