Mortgage Bankers Association - "MBA Reports Commercial/Multifamily Originations Down in Q4" (2-4-08)

"Commercial and multifamily mortgage bankers' loan originations fell on a year-over-year basis in the fourth quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Fourth quarter originations were sixteen percent lower than during the same period last year. The year-over-year decrease was seen across most property types and investor groups."

The San Diego Union Tribune - "A shabby mess" (2-4-08)

"In a dozen different ways, it's become plain that the toxic combination of greed and dishonesty produced the mortgage and housing crisis that threatens to drag the U.S. economy into a recession. The latest evidence of this involves Washington Mutual, the nation's largest savings and loan. Jennifer Wertz, a Sacramento appraiser, is suing WaMu for allegedly blackballing her firm in retaliation for Wertz's refusal to inflate the value of homes involved in pending loans. In May 2007, Wertz contends, a WaMu manager demanded she change her description of local property values from 'declining' to 'stable.' Wertz says she refused – and never was hired by WaMu again."

CNN - "Home equity loan defaults soar" (2-4-08)

"One of the last sources of ready cash for homeowners looking to get money from their house appears to be shutting down and the results aren't likely to be pretty for the economy.
Last week, buried deep in the ugly details of Countrywide Financial Corp.'s earnings release, was the news that its $32.4 billion portfolio of prime HELOCs - home equity lines of credit - had begun to rapidly deteriorate. The reeling Calabasas, Ca.-lender was forced to take a $704 million charge related to homeowners' inability to pay back equity they extracted from their homes."

Bloomberg - "Romney, Clinton Put Economy First in Subprime-Hit California" (2-4-08)

"In the sprawling new subdivisions of Southern California's Riverside County, newspapers litter empty driveways and coffee-colored lawns are reminders of neighbors who had to abandon their dream homes. California leads the nation in home foreclosures, and economic worries are driving the voters who have the biggest say in tomorrow's Super Tuesday contests, when more than 20 states will hold primaries or caucuses. California is the big prize, with the most delegates at stake, for both Democrats and Republicans."

Real Estate Journal - "Worried Sellers SplurgeOn Home Renovations" (2-4-08)

"Some experts warn that sellers are unlikely to get their money back from extensive renovations. But owners often feel they have no choice if they want to sell, especially when builders of newly constructed homes are throwing in hardwood floors, finished basements and other free upgrades."