Mortgage Bankers Association - "Fed Requests Comments on Proposed Changes to Truth in Lending (Reg Z)" (1-9-08)

"The Board proposes to amend Regulation Z, which implements the Truth in Lending Act and Home Ownership and Equity Protection Act. The goals of the amendments are to protect consumers in the mortgage market from unfair, abusive, or deceptive lending and servicing practices while preserving responsible lending and sustainable homeownership; ensure that advertisements for mortgage loans provide accurate and balanced information and do not contain misleading or deceptive representations; and provide consumers transaction-specific disclosures early enough to use while shopping for a mortgage. The proposed revisions would apply four protections to a newly-defined category of higher-priced mortgage loans secured by a consumer's principal dwelling, including a prohibition on a pattern or practice of lending based on the collateral without regard to consumers' ability to repay their obligations from income, or from other sources besides the collateral."

Mortgage Bankers Association - "Refi Apps Jump as Rates Decline In Latest MBA Weekly Survey" (1-9-08)

"The Refinance Index increased 53.9 percent to 2494.2 from 1620.9 the previous week and the seasonally adjusted Purchase Index increased 14.7 percent to 414.0 from 360.8 one week earlier. On an unadjusted basis, the Purchase Index increased 56.2 percent to 251.8 from 161.2 the previous week. The seasonally adjusted Conventional Index increased 34.1 percent to 1015.3 from 757.4 the previous week, and the seasonally adjusted Government Index increased 18.2 percent to 190.4 from 161.1 the previous week."

Yahoo - "Countrywide says foreclosures highest on record" (1-9-08)

"Countrywide Financial Corp, the largest U.S. mortgage lender, said on Wednesday that foreclosures and late payments rose in December to the highest on record, sending its shares tumbling for a second day to their lowest in nearly 13 years. The shares closed down 43 cents, or 7.7 percent, at $5.12, bringing their two-day decline to 33 percent. They earlier fell to $4.43, a level not seen since April 1995."

Orange County Register - "Costs rise on home loans" (1-9-08)

"Folks shopping for a home loan are likely to face higher fees this year, especially if they have even a minor ding on their credit record. Lenders already have raised their consumer prices to reflect fee increases they must pay to Fannie Mae, the largest U.S. funder of home loans, and Freddie Macbeginning in March."

Business Week - "Housing: A Fresh Jolt of Bad News" (1-9-08)

"In case you were still harboring a tiny bit of optimism about the U.S. housing sector, just take a look at a couple of headlines from Jan. 8. KB Home (KBH) President and Chief Executive Officer Jeffrey Mezger said in a conference call with investors that he sees "no sign" that the sinking housing market is stabilizing in 2008, after announcing a staggering $9.99 loss per share in the last quarter of 2007."

Market Watch - "'Shortsighted' investment pros blew it: Poole" (1-9-08)

"Investment professionals' 'shortsightedness' led them to make fundamental errors that led to the mortgage crisis and credit meltdown, St. Louis Federal Reserve President William Poole said Wednesday. In a speech to financial planners, Poole detailed five key mistakes that borrowers and lenders made that have pushed the economy to the brink of recession."

Bloomberg - "U.S. Will Escape Recession, Economists Say in Survey" (1-9-08)

"The U.S. will skirt recession as consumer spending slows without collapsing, a survey of economists showed. Economic growth will average 1.5 percent in the first six months of 2008, matching the fourth quarter's pace, according to the median estimate of 62 economists surveyed by Bloomberg News from Jan. 3 to Jan. 8. The rate of expansion would be the weakest since the last nine months of 2001."

Real Estate Journal - "Will More HomeownersGet Help With Rates?" (1-9-08)

"Treasury Secretary Henry Paulson suggested the mortgage industry should consider greatly expanding its White House-backed program to ease loan terms for millions of financially troubled homeowners whose mortgages are due to rise. Mr. Paulson's remarks yesterday mark the first time the Bush administration has hinted that the plan to expedite refinancing or freeze interest rates for cash-strapped subprime borrowers should also target homeowners who took out other kinds of adjustable-rate loans."