Bloomberg - "Insurer Losses From Subprime Approach Katrina Claims" (3-14-08)

"The collapse of the subprime mortgage market will lead to record losses for insurance companies, overtaking Hurricane Katrina, the worst natural disaster in U.S. history. The amount of asset writedowns and credit losses reported by the industry has reached at least $38 billion, just short of the $41.1 billion in claims from Katrina, which killed more than 1,500 people and left more than half of New Orleans homeless in 2005, data compiled by Bloomberg show."

Mortgage Bankers Association - "Rep. Frank Announces New Economic, Mortgage and Housing Rescue Proposal" (3-14-08)

"House Financial Services Committee Chairman Barney Frank today announced new legislation to stem the significant rise in mortgage foreclosures by allowing the Federal Housing Administration to insure and guarantee refinanced mortgages that have been significantly written down by mortgage holders and lenders. The following of a summary of the proposed draft and the full text will be available later today on the Financial Services Committee website at financialservices.house.gov. Mr. Frank announced the proposal today, but warned that the bill text could change before introduction. Mr. Frank will be seeking input and comments regarding this proposal over the next few weeks."

CAR - "How to Survive & Thrive in ’08" (3-14-08)

"If the business you were using two years ago isn’t working for you anymore, you’re not alone. California real estate professionals have been forced to rethink their strategies and ferret out new opportunities in places that they probably wouldn’t have considered just a couple of years ago."

Bloomberg - "Borrowers Find What Citigroup Says Isn't What It Does" (3-14-08)

"Real estate developer John Wimmer paid Citigroup Global Markets Realty Corp. almost $1 million last year to lock in a 5.6 percent mortgage rate on the refinancing of six commercial properties. At the November closings, Citigroup, citing plummeting demand for mortgage bonds, boosted the rate to 7.123 percent."

Bloomberg - "Fed Efforts Foiled By Banks as Residential Mortgage Rates Rise" (3-14-08)

"Ben S. Bernanke can't revive the housing market and the banks aren't helping him. The U.S. Federal Reserve has cut interest rates five times, pumped $200 billion into the financial system this week, and today its New York branch provided funds to help rescue Bear Stearns Cos."

Bloomberg - "Bear Stearns Gets Emergency Funds From JPMorgan, Fed" (3-14-08)

"Bear Stearns Cos., teetering on the brink of collapse from a lack of cash, got emergency funding from the Federal Reserve and JPMorgan Chase & Co. in the largest government bailout of a U.S. securities firm."

Orange County Register - "Apartment vacancies a problem? Not in O.C." (3-14-08)

"As the Apartment Association of Orange County gathered this week, the local rental market looked like the next target of a softening economy, based on recent reports. But landlords, property managers and rental service providers at the AAOC’s 37th annual trade show and conference in Costa Mesa Wednesday aren’t seeing it."

Orange County Register - "SoCal rent-cost hike at 4-year-plus low" (3-14-08)

"Renters had a better month in February in SoCal with year-over-year rental costs for a primary residence rising 5.3%, down from the 6.7% annual increase they saw in February 2007, according to the latest CPI report. Annual rent cost increases haven’t been this low in the Los Angeles-Orange-Riverside county area since July 2003, when they were up 5%."