Mortgage Bankers Association - "OFHEO Releases Report About The Conforming Loan Limit And High-Cost Areas" (1-14-08)

"The Office of Federal Housing Enterprise Oversight (OFHEO) has published a new Mortgage Market Note on the conforming loan limit. The Note provides background information on the potential implications of increasing the conforming loan limit in high-cost areas, as proposed in pending House and Senate legislation. The Note describes the jumbo mortgage market and the potential impact of a higher conforming loan limit on mortgage borrowers and on Fannie Mae and Freddie Mac."

Mortgage Bankers Association - "Slow Economic Growth in 2008 Will Be Coupled With Lower Levels of Mortgage Originations in 2008 and 2009" (1-14-08)

"The Mortgage Bankers Association (MBA) projects that economic growth will continue to slow through the first half of 2008, but expects economic activity will begin to pick up in the second half of 2008 and resume trend-like growth toward the end of 2009. Total mortgage production will be down 16 percent to $1.96 trillion this year from a projected $2.34 trillion in 2007. Total originations should see a further drop of four percent in 2009 to $1.88 trillion."

NAR - "NAR Campaign Relates Real Facts About Real Estate" (1-14-08)

"Over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from NAR’s existing-home sales series. A Federal Reserve study has shown that the average homeowner's net worth is 46 times the net worth of the average renter. Despite this and other research, some potential home buyers are being kept on the sidelines as they react to national media reports about the housing market. "

Boston - "Obama unveils $120-billion plan to fuel economy, stem foreclosures" (1-14-08)

"Barack Obama yesterday unveiled an economic stimulus package costing up to $120 billion that his campaign said would put money in the hands of workers and seniors, stem the foreclosure crisis, and cover state budget shortfalls. The Illinois senator is proposing that the plan be implemented before a new president takes office."

Bloomberg - "Dollar Falls to Within a Cent of Euro Record on Bets Fed to Cut" (1-14-08)

"The dollar fell to within a cent of its all-time low versus the euro on speculation U.S. interest rates will drop below those of the 15 nations that share the single European currency for the first time in three years. The U.S. currency extended three weeks of declines as Federal Reserve officials including Chairman Ben S. Bernanke signaled last week they favor greater 'insurance' against an economic slowdown amid the slump in the housing market. European Central Bank council member Klaus Liebscher said today he sees 'significant' upside risks to inflation."

Bloomberg - "Money-Market Rates in Dollars Drop Before Fed Auction" (1-14-08)

"The cost of borrowing dollars fell the most in four months before a $30 billion auction by the Federal Reserve as the logjam in money markets caused by the collapse of the U.S. subprime-mortgage market eases. The three-month London interbank offered rate, or Libor, for dollars declined 20 basis points to 4.06 percent, the British Bankers' Association said today. The decline is the biggest since Sept. 19, the day after the Fed lowered its benchmark interest rate a half percentage point. Euro and pound rates also dropped."

Bloomberg - "Gold, Platinum Rise to Record as Dollar Falls; Crop Prices Gain" (1-14-08)

"The dollar fell as traders increased bets that the Federal Reserve will lower U.S. interest rates to avoid a recession. Gold has gained 8.3 percent this year and the dollar has fallen more than 1.9 percent against the euro, to a seven-week low. Oil and base metals such as copper also rose, lifting the UBS Bloomberg Constant Maturity Commodity Index to the highest ever."

Bloomberg - "Wall Street's $35 Billion Writedown Squeezes Profits" (1-14-08)

"Citigroup Inc., Bank of America Corp. and Merrill Lynch & Co. may report their worst-ever quarter, beset by $35 billion of writedowns that threaten to crimp profit through 2008. The losses have depleted the banks' capital, forcing New York-based Citigroup and Merrill to seek more than $13 billion from foreign investors, and hobbled their ability to make new loans. Other sources of fees, including credit cards, are also in jeopardy as the U.S. economy slows, said CreditSights Inc. analyst David Hendler, who estimates Citigroup, Bank of America and Merrill won't earn more this year than they did in 2006."

Bloomberg - "Bernanke Signals Deeper Rate Cuts, Emphasizes Growth" (1-14-08)

"Federal Reserve Chairman Ben S. Bernanke signaled he has resolved months of debate over the competing risks of slower growth and faster inflation, and is ready to make deeper interest-rate cuts. Bernanke yesterday pledged 'substantive additional action' to insure against 'downside risks' to the six-year economic expansion. His remarks in a Washington speech led HSBC Securities USA Inc. and Morgan Stanley to predict the Fed will reduce its benchmark rate by half a percentage point this month, up from their previous forecast of a quarter point."

Bloomberg - "Mortgage-Rate Reset Doesn't Need to Be a Crisis" (1-14-08)

"This will be a brave new year for U.S. homeowners with adjustable-rate loans. Terms will be tougher for the credit-challenged. Fewer bargain teaser rates will be offered. And for those facing higher resets on adjustable-rate mortgage payments, it's time to negotiate. If your mortgage is ratcheting up to a monthly payment you can't afford, you may have some leverage in lowering the rate. Your lender may even welcome the move and allow you to do a low- cost loan modification."

Yahoo - "Citigroup May Write Down As Much As $24 Billion" (1-14-08)

"Citigroup could write down as much as $24 billion due to subprime and credit-related losses, CNBC has learned. In addition, the company could lay off as many as 20,000 workers as part of a comprehensive plan to slash costs and raise capital."