Mortgage Bankers Association - "Volume of Maturing Commercial/Multifamily Mortgages to Be Low in Coming Years" (3-20-08)

"The Mortgage Bankers Association (MBA) is today reporting that the commercial and multifamily mortgage market faces limited exposure to refinance risks stemming from the current credit crunch through the release of its Research DataNote. The report notes that relatively few commercial/multifamily mortgages will mature in the next two years."

Bloomberg - "Credit Suisse Drops as Bank Sees Loss After Writedown" (3-20-08)

"Credit Suisse Group fell 6.4 percent in Swiss trading after the company said it may post a first- quarter loss because of writedowns on debt securities deliberately mispriced by employees. Switzerland's second-largest bank dropped 3.30 francs to 48.50 francs, bringing declines this year to 29 percent. The Zurich-based company said today it will write down $2.65 billion over the fourth quarter of 2007 and the first three months of 2008, making a profit this quarter 'unlikely.'"

CNN - "Brokers who lie, and more subprime nightmares" (3-20-08)

"Yolanda Cruz knew soon after she refinanced her home two and a half years ago she had a problem. She thought the $1,478 monthly payment quoted by her mortgage broker included taxes and insurance. In fact, Cruz says she asked the broker repeatedly if those costs were included and was reassured they were."

Business Week - "Fannie and Freddie Set Free" (3-20-08)

"Another stone fell into place in the federal government's plan to build a path to credit market recovery. On Mar. 19, the Office of Federal Housing Enterprise Oversight, or OFHEO, said it was reducing the amount of capital it requires Fannie Mae (FNM) and Freddie Mac (FRE) to maintain on their balance sheets above statutory requirements. By reducing the capital surplus level from 30% to 20%, the regulator will provide up to $200 billion in immediate liquidity to the distressed mortgage-backed securities market."

Bloomberg - "Dollar Rises Against Euro, Yen as Oil, Commodity Prices Decline" (3-20-08)

"The dollar rose to its strongest in a week against the euro as speculation a global economic slowdown will reduce demand for raw materials pushed gold and oil lower. Europe's common currency declined after Credit Suisse Group said it may have a loss this quarter because of writedowns on debt securities. The dollar climbed to the highest level in more than a week versus the currencies of its major trade partners as crude, which is priced in the U.S. currency, dropped after a government report showed weaker demand for fuel."

Bloomberg - "Citigroup Cuts 2,000 More Jobs in Securities Division" (3-20-08)

"Citigroup Inc. will cut 2,000 more trading and investment-banking jobs than previously announced as the collapse of the subprime mortgage market puts the biggest U.S. bank on track for its second-straight quarterly loss. The reductions are on top of about 4,000 disclosed in January, a person familiar with the plan said. They add up to about 10 percent of the securities division's 60,000 people and will be spread across offices in New York and London as well as smaller sites in Asia and Europe, said the person, who declined to be identified because the bank hasn't formally announced the decision. Most of the cuts will take place by the end of March."

Bloomberg - "California Leads U.S. in Defaults, Price Drop, Slowing Growth" (3-20-08)

"Sacramento may eliminate up to 600 jobs in the city's first staff reductions in half a century, and the police and fire departments in the California capital may have their budgets cut by 20 percent. The culprit is the collapse of the U.S. housing market. California, the birthplace of the subprime mortgage industry, is paying the highest price of any state as the housing meltdown persists. Its gross domestic product will drop 1.5 percent in the first half of 2008, the most in the U.S., analysts at Lexington, Massachusetts-based Global Insight Inc. estimate."

Bloomberg - "Former Countrywide President Forms Mortgage Company" (3-20-08)

"Countrywide Financial Corp.'s ex- president is starting a mortgage company that will initially focus on distressed assets, joined by at least nine senior former employees from the largest U.S. home lender."

Orange County Register - "Big Orange property index’s biggest fall since ‘95" (3-20-08)

"One very telling credit-crunch stat in this mix: O.C. real estate lending now runs 40% below its 2003 peak. Other Big O real estate tidbits: jobs are off 6.2% in a year; home sales are down 36%; and permits to build new housing has fallen 3.5%. The lone positive? Rents, up 4.9% in 12 months."

Orange County Register - "Fremont’s woes mount" (3-20-08)

"Things may be coming to a head with Brea-based Fremont General, owner of Fremont Investment & Loan. Last year I wrote about nondepository mortgage banks failing — New Century Financial and so on — and this year I fear lenders that actually take deposits from consumers could be at risk. Fremont, which issues certificates of deposit, last reported $7 billion in deposits to the Federal Deposit Insurance Corp."

Real Estate Journal - "Housing Bust FuelsBlame Game" (3-20-08)

"As the falling housing market shakes financial institutions and pummels Americans in an election year, the nation's economic woes have surged to the top of voters' minds. The timely question: To what extent are politicians and regulators at fault?"

Real Estate Journal - "Mortgage Brokers Take JobsAdvising Anxious Borrowers" (3-20-08)

"Mortgage brokers like Bill Whitehouse thrived on commissions during the housing boom amid lax lending standards. Now, with mortgage defaults soaring and lending volumes plunging, some former brokers and loan officers have converted to a new occupation: counseling borrowers who are trying to avert foreclosure."

Bloomberg - "California Leads U.S. in Defaults, Home-Price Decline" (3-20-08)

"Sacramento may eliminate up to 600 jobs in the city's first staff reductions in half a century, and the police and fire departments in the California capital may have their budgets cut by 20 percent. The culprit is the collapse of the U.S. housing market. California, the birthplace of the subprime mortgage industry, is paying the highest price of any state as the housing meltdown persists. Its gross domestic product will drop 1.5 percent in the first half of 2008, the most in the U.S., analysts at Lexington, Massachusetts-based Global Insight Inc. estimate."