Mortgage Bankers Association - "Refinancing Drives Increase In Mortgage Applications In Latest MBA Weekly Survey" (1-23-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 18, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 981.5, an increase of 8.3 percent on a seasonally adjusted basis from 906.4 one week earlier. On an unadjusted basis, the Index increased 11.0 percent compared with the previous week and was up 63.7 percent compared with the same week one year earlier."

The Washington Post - "Capitalism's Enemies Within" (1-23-08)

"Amid the mayhem on world financial markets, it is becoming clear that capitalism's most dangerous enemies are capitalists. No one can have watched the 'subprime mortgage' debacle without noticing the absurd contrast between the magnitude of the failure and the lavish rewards heaped on those who presided over it. At Merrill Lynch and Citigroup, large losses on subprime securities cost chief executives their jobs -- and they left with multimillion-dollar pay packages. Stanley O'Neal, the ex-head of Merrill, received an estimated $161 million."

The San Diego Union Tribune - "Foreclosures up 353% in S.D. County in 2007" (1-23-08)

"Setting dismal records, home foreclosures more than tripled and notices of mortgage default more than doubled in San Diego County in 2007. DataQuick Information Systems reported yesterday that foreclosures rose 353 percent to 7,349, while default notices – the start of the foreclosure process – increased 128 percent to 20,138. The numbers were the highest since DataQuick began keeping track of county foreclosures in 1988 and defaults in 1992."

Bloomberg - "Bernanke to Cut Rates Further, Faster to Buoy Growth" (1-23-08)

"Federal Reserve Chairman Ben S. Bernanke has decided inflation concerns have faded enough to let him cut interest rates further and faster to keep the U.S. from tipping world economies into recession. The Fed's emergency rate cut yesterday signals a dramatic shift by policy makers from inflation to growth concerns. It indicates they now see a risk of lower home and stock values feeding back into tighter credit conditions that threaten to choke off growth, economists said."

Bloomberg - "10-Year Treasuries Fall as Stocks Recover From Earlier Losses" (1-23-08)

"U.S. 10-year Treasuries fell as stocks recovered from earlier losses, diminishing the appeal of yields at the lowest since 2003. Yields rose as the rebound in equities led traders to trim bets the Federal Reserve will cut its benchmark interest rate next week by as much as three-quarters of a percentage point, after slashing it yesterday between meetings for the first time since 2001. Traders still expect at least a half-point Fed cut."

Bloomberg - "MGIC Drops as Claims Tied to Overdue Mortgages Surge" (1-23-08)

"MGIC Investment Corp., the largest U.S. mortgage insurer, fell the most since it sold shares to the public in 1991 after reporting a sevenfold surge in fourth- quarter claims tied to overdue mortgages. MGIC, based in Milwaukee, declined $4.41, or 28 percent, to $11.64 at 1:15 p.m. in New York Stock Exchange composite trading, making it the worst performer in the Standard and Poor's 500 Index today. The number of delinquent loans MGIC insures rose 18 percent during the final three months of 2007 to 107,120, the company said in a statement late yesterday."

Bloomberg - "U.S. Architects' Index, a Construction Gauge, Rose in December" (1-23-08)

" U.S. architecture firms said billings improved for a third straight month in December, indicating construction of buildings including warehouses, offices and shopping centers will rise for most of this year. The Architecture Billings Index rose to 55.4 last month from 55.3 in November, the Washington-based American Institute of Architects said today in a statement. December's score was the highest since July, when it reached 60. A score above 50 indicates billings increased from the previous month."

Bloomberg - "AIG Bails Out $2.2 Billion Nightingale Finance SIV" (1-23-08)

"AIG follows Citigroup Inc. and HSBC Holdings Plc in financing their SIVs after the collapse of the U.S. subprime mortgage market caused prices of their assets to decline and triggered concern that fire sales would further roil credit markets. SIVs, which use short-term borrowing to invest in higher-yielding securities, have reduced their holdings by more than $100 billion from a peak of $400 billion last year, according to Moody's."

Los Angeles Times - "LA foreclosures by zip code" (1-23-08)

This article includes a map which displays the areas in Los Angeles where foreclosures have increased/decreased the most.