NAHB - "Simple Steps Can Keep Local Governments In Compliance With Fair Housing Act" (3-4-08)

"The recent resolution of litigation in South Carolina demonstrates that local governments can run afoul of the federal Fair Housing Act even when government officials do not intend to discriminate. The effect of a local government action related to development can trigger serious fair housing concerns for racial or ethnic minorities. Fortunately, local governments can take steps to make sure they are in compliance with the federal Fair Housing Act. The key is to be attentive to the needs of minorities and families within the community and to work closely with developers who seek to meet those needs by producing affordable housing."

CNN - "Fremont received defaults on $3.15B in loans" (3-4-08)

"Fremont General Corp. said Tuesday it received default notices on about $3.15 billion of loans it sold in March 2007. The bank received notices from two investors who purchased the loans, saying it violated sales terms when its tangible net worth fell below $250 million. Tangible net worth is the sum of all assets minus liabilities."

Bloomberg - "Bank of Montreal Profit Declines on Debt Writedowns" (3-4-08)

"Bank of Montreal, Canada's fourth- biggest bank, reported profit that fell more than analysts expected because of trading losses and writedowns on debt tied to the U.S. subprime mortgage market. First-quarter net income fell 27 percent to C$255 million ($258 million), or 47 cents a share, from C$348 million, or 67 cents, a year earlier, the Toronto-based bank said today in a statement. The company said it won't meet its profit targets for the year because of the credit losses and slower economic growth."

Yahoo - "Fed Chief: Mortgage Crisis to Continue" (3-4-08)

"Battling a dangerous wave of home foreclosures, Federal Reserve Chairman Ben Bernanke called Tuesday for additional relief and urged lenders to help distressed owners by lowering the amount of their loans. Even with some relief efforts under way by industry and government, foreclosures and late payments on home mortgages are likely to rise 'for a while longer,' Bernanke warned."

Orlando Sentinel - "BofA chief sees simpler world for home loans" (3-4-08)

"Chief Executive Officer Ken Lewis, 60, of Bank of America, the nation's largest bank, which will also become the largest U.S. home lender later this year when it completes its $4.1 billion acquisition of troubled Countrywide Financial Corp. Lewis spoke recently with Paul Owers of the South Florida Sun-Sentinel."

Bloomberg - "Bernanke Urges Banks to Forgive Portion of Mortgages" (3-4-08)

"Federal Reserve Chairman Ben S. Bernanke, battling the worst housing recession in a quarter century, urged lenders to forgive portions of mortgages held by homeowners at risk of defaulting. 'Efforts by both government and private-sector entities to reduce unnecessary foreclosures are helping, but more can, and should, be done,' Bernanke said in a speech to bankers in Orlando, Florida, today. 'Principal reductions that restore some equity for the homeowner may be a relatively more effective means of avoiding delinquency and foreclosure.'"

Palm Beach Post - "Recovery of housing market will take years, banker says" (3-4-08)

"Treasury Secretary Henry Paulson told economists Monday that no matter what the government does, recovery from the mortgage meltdown is 'going to take some time.' Paulson made his remarks at the National Association for Business Economics convention."

Los Angeles Times - "Still falling: L.A. asking prices down $111K from peak" (3-4-08)

"Still falling: Median asking prices in greater L.A. fell another $900 over the past week and have now declined $111,000, or 19%, from their peak in April 2006, according to Housing Tracker's analysis of homes and condos for sale on the MLS."

Orange County Register - "Calif. worst U.S. home market with 18.65% loss" (3-4-08)

"First American LoanPerformance reports that, by its math, California home values in mid-January are off 18.65% from a year ago, the nation’s worst. It’s an unwanted crown the state has worn since May. In January 2007, California prices were falling at a 2.5% annual rate. Next worst was Florida (-13.87%), followed by Nevada (-11.83%) and Arizona (-11.06%.)"