Wednesday, January 09, 2008

NAR - "Stable Existing-Home Sales Expected in Early 2008, then Gradual Rise" (1-8-08)

"Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales activity, then rise later in the year and continue to improve in 2009, according to the latest forecast by the National Association of Realtors®."

Reuters - "KB Home posts loss, sees tough '08 for industry" (1-8-08)

"KB Home posted a quarterly loss of nearly $773 million on Tuesday, including charges for shrinking land values and abandoned projects, as the U.S. housing market braced for another rough year in 2008. KB Home, whose shares fell as much as 9.8 percent to a six-year low before regaining some ground, also said it expects to reach an agreement with bank partners to ease its credit arrangements by the end of the first quarter of 2008."

Bloomberg - "Cayne to Step Down as Bear Stearns CEO, Person Says" (1-8-08)

"Bear Stearns Cos.' James 'Jimmy' Cayne plans to hand over the chief executive officer role to his hand-picked successor, staying on as chairman as the firm tries to recover from the collapse of the subprime mortgage market, a person with direct knowledge of the matter said. Board members have been notified by Cayne, 73, that he will step down as CEO of the New York-based company, according to the person, who declined to be named because the decision isn't public. He will be succeeded by President Alan Schwartz, 57, and an announcement may be made as soon as today, the person said."

Yahoo - "Dollar Falters As Equities Skid Lower" (1-8-08)

"The dollar gave up some of Monday's gains Tuesday amid rocky U.S. housing data and a plunging market, as traders looked ahead to European interest rate decisions later this week. The dollar inched downward against the euro. The 15-nation currency was worth $1.4710 in late New York trading, up from $1.4696 Monday. The British pound also crept up to $1.9713 from $1.9697."

CBIA - "CBIA President & CEO Responds to State of the State Address" (1-8-08)

"Today, California Building Industry Association (CBIA) President & CEO Robert Rivinius commended Governor Schwarzenegger for highlighting the importance of the homebuilding industry on the state and its economy. Additionally, Rivinius called on the Governor and the Legislature to take immediate action to support industry efforts to increase homeownership rates in the state as part of the solution to the State’s budget crisis. Rivinius stated: 'We’re encouraged that Governor Schwarzenegger mentioned the importance the homebuilding industry plays in California’s economy and in the state’s budget and his commitment to infrastructure investment.'"

Mortgage Bankers Association - "HUF Issues Final FHA Appraiser Roster Requirements" (1-8-08)

"This final rule explicitly conforms the eligibility requirements for applicants to the Federal Housing Administration (FHA) Appraiser Roster to longstanding HUD practices, as well as to existing nationwide industry practice. Only appraisers on the roster may perform required appraisals of properties that are to serve as security for FHA-insured single-family mortgages. Among other requirements, the current regulations require that an applicant must be a state-licensed or state-certified appraiser and pass a HUD examination on FHA appraisal methods and reporting."

Bloomberg - "Countrywide Loses Most Since 1987 on Funding Concern" (1-8-08)

"Countrywide Financial Corp. dropped the most since Black Monday in October 1987 in New York trading on speculation that it needs cash to continue operating its mortgage business. Investors drove Countrywide shares down 79 percent last year on concern the company was suffering from a cash shortage. The company tapped emergency credit lines and got a bailout from Bank of America Corp. as the worst housing slump in 16 years fueled bets that Countrywide might seek bankruptcy court protection."

Bloomberg - "Barclays Capital's Kvalheim Leaves After Debt Losses" (1-8-08)

"Barclays Capital Co-President Grant Kvalheim stepped down, leaving Jerry del Missier as sole president two months after the firm said it would write down credit securities worth 1.3 billion pounds ($2.6 billion). Barclays Capital, the securities arm of Barclays Plc, shifted responsibility for credit trading from Kvalheim to del Missier in September. Kvalheim, 51, oversaw investment banking, loan origination and loan syndication. Del Missier, 45, added trading of credit-related securities, including collateralized debt obligations, to commodities and equities."

Yahoo - "Feds may expand mortgage help program" (1-8-08)

"Treasury Secretary Henry Paulson said Tuesday the administration was exploring what would be a significant expansion of the program to help at-risk mortgage holders. Paulson, in an interview on CNBC, said the administration was involved in discussions with the mortgage industry to expand a current program to freeze adjustable rate mortgages for five years to include borrowers of loans at prime rates. Currently, the rate freeze only covers a much smaller segment of adjustable rate loans, those made to subprime borrowers. Those are borrowers with weak credit histories."

Voice of San Diego - "With Fraud Gaining Attention, New Appraisers Now Must Go to College" (1-8-08)

"With prosecutors nationwide illuminating real estate fraud schemes undertaken during this decade's heated housing market, at least one of the state's legions of real estate professionals face new training requirements. California's Office of Real Estate Appraisers raised the bar last week for would-be appraisers wishing to join the 19,500 appraisers already licensed and working around the state."

Reuters - "IndyMac Says GSE Costs May Hinder Loan Originations" (1-8-08)

"IndyMac Bancorp Inc'smortgage loan originations slumped 53 percent in November from a year earlier and may be hurt more as Fannie Mae and Freddie Mac tighten requirements on loans they purchase, the company said on a Web site."

Los Angeles Times - "Skid row's neediest may get housing and care" (1-8-08)

"Today, the county Board of Supervisors is scheduled to vote on additional steps for the three-year, $5.6-million pilot program called Project 50, which is designed to provide immediate housing and services for the participants. If the board approves the next phase, beginning next week a county social service team of seven -- including a social worker, mental health employees, advocates for the homeless, a representative of the Veterans Administration and a benefits specialist -- will return to skid row."

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