FBI - "HOUSE STEALING" (3-25-08)

"Last year, a real estate business owner in southeast Los Angeles pled guilty to leading a scam that defrauded more than 100 homeowners and lenders out of some $12 million. She promised to help struggling homeowners pay their mortgages by refinancing their loans. Instead, she and her partners in crime used stolen identities or 'straw buyers' (people who are paid for the illegal use of their personal information) to purchase these homes. They then pocketed the money they borrowed but never made any mortgage payments. In the process, the true owners lost the title to their homes and the banks were out the money they had loaned to fake buyers."

CNN - "California gives mortgage debtors a tax break" (3-25-08)

"The state Senate has approved a bill to help California homeowners whose lenders have forgiven part of their mortgage debt. The bill would end a requirement that homeowners report that part of the loan that was forgiven as income on their tax returns. Senator Mike Machado, a Democrat from Linden, says the bill would help in cases where there is a short sale, a loan modification or a loan refinance in which part or all of the debt is forgiven."

Bloomberg - "Dollar Falls on Speculation U.S. Consumer Confidence Is Waning" (3-25-08)

"The dollar fell the most against the euro in two weeks on speculation industry reports will show U.S. consumer confidence dropped to a five-year low and the housing slump deepened. The dollar dropped from a one-week high against the yen as Deutsche Bank AG economists joined those forecasting the economy will suffer a recession. The U.S. currency also weakened against the Australian and New Zealand dollars, favorite targets of so- called carry trades, as a rally in European and Asian stocks encouraged investors to buy higher-yielding assets."

Bloomberg - "Junk Bond Losses Top $35 Billion, JPMorgan Sees More" (3-25-08)

"High-yield, high-risk bonds are off to their worst start ever, and the biggest investors say there's no recovery in sight. Junk bonds have fallen an average 3.9 percent this year, losing about $35 billion, according to data from Merrill Lynch & Co. indexes. Some funds managed by John Hancock Advisers LLC, OppenheimerFunds Inc. and Fidelity Investments are down more than 7 percent, showing that even the largest investors were caught off guard by the collapse."

Bloomberg - "Gold Climbs in London as Dollar Declines; Silver, Platinum Rise" (3-25-08)

"Gold rose the most in more than two weeks in London after the dollar fell before a U.S. consumer confidence report that may indicate slower economic growth, spurring demand for precious metals as an alternative to stocks. U.S. consumer confidence probably fell this month to the lowest since March 2003, at 73.5, the median of 61 economists surveyed by Bloomberg News. Before today, gold fell 11 percent from a record $1,032.70 an ounce last week as the dollar rebounded from an all-time low against the euro."

Market Watch - "Home prices fall a record 10.7% in past year" (3-25-08)

"The 20-city Case-Shiller home price index fell a record 2.4% from December to January, the 18th consecutive decline in prices. For 10 major cities, prices fell 2.3% in January and 11.4% for the past 12 months."

Bloomberg - "MGIC Sells $745 Million in Stock, Debt to Raise Cash" (3-25-08)

"MGIC Investment Corp., the largest U.S. mortgage insurer, raised $745 million, more than it projected, with the sale of stock and convertible debt after a record fourth-quarter loss. The insurer dropped 7.9 percent in New York trading to reach its lowest close in more than 15 years. Underwriters sold 37.3 million shares of MGIC for $11.25 each, and the company also agreed to sell $325 million in debt, Milwaukee-based MGIC said in statements today. The company had estimated it would sell about $350 million of shares."

Bloomberg - "Fed Expands Role by Aiding JPMorgan's Purchase of Bear Stearns" (3-25-08)

"The Federal Reserve further expanded its role as a backstop to Wall Street dealers, setting up a new company to manage and sell $30 billion of Bear Stearns Cos. assets. In disclosing terms of a financing arrangement to speed JPMorgan Chase & Co.'s purchase of Bear Stearns, the Fed said yesterday it hired BlackRock Inc. to oversee and sell the assets, which will be placed in a new company created by the central bank."

Bloomberg - "Wall Street May Face $460 Bln in Losses, Goldman Says" (3-25-08)

"Wall Street banks, brokerages and hedge funds may report $460 billion in credit losses from the collapse of the subprime mortgage market, or almost four times the amount already disclosed, according to Goldman Sachs Group Inc. Profits will continue to wane, other analysts said."

Bloomberg - "Thornburg Offers $1.35 Billion of Debt Paying 18%" (3-25-08)

"Thornburg Mortgage Inc., the 'jumbo' mortgage lender trying to stave off bankruptcy, rose by more than half after disclosing plans to raise $1.35 billion. The rescue plan gives new investors debt that pays 18 percent and the chance to own a 90 percent stake, according to terms of the private placement outlined by Santa Fe, New Mexico- based Thornburg in a statement today. Thornburg is asking the New York Stock Exchange for permission to issue new securities without a shareholder vote because delay 'would seriously jeopardize the financial viability of the company.'"

Orange County Register - "Borrowing costs drop, press asleep" (3-25-08)

"In addition to the subprime borrowers and other homeowners with toxic loans, there has been a great deal of concern expressed about the potential damage to the economy due to resetting of other types of adjustable-rate mortgages (ARMs). This concern was well warranted back in 2007 when the index values that these loans were tied to were all high."