Mortgage Bankers Application - "Mortgage Applications Decrease In Latest MBA Weekly Survey" (4-23-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 18, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 637.6, a decrease of 14.2 percent on a seasonally adjusted basis from 743.4 one week earlier. On an unadjusted basis, the Index decreased 13.4 percent compared with the previous week and was down 3.2 percent compared with the same week one year earlier."

USA Today - "Renters can't escape housing foreclosure crisis" (4-23-08)

"The most brutal real estate slump in decades is reverberating through the rental market. Renters in properties that are being foreclosed on are being evicted. Homeowners forced into foreclosure are becoming tenants again and driving up rents. And renters not yet ready to buy a home — shut out by stricter lending rules or hoping to buy after prices fall still further — are creating a dynamic shift: Even as real estate is sputtering, the rental market is surging."

Bloomberg - "Ambac Posts Loss on CDO Writedown, New Business Drop" (4-23-08)

"Ambac Financial Group Inc., the bond insurer that lost 93 percent of its stock market value in the past year, posted a wider loss than analysts estimated after $3.1 billion in charges for subprime-mortgage securities. The world's second-largest bond insurer tumbled 43 percent in New York Stock Exchange trading after reporting a first- quarter net loss of $1.66 billion, or $11.69 a share. The company also revised claims estimates higher by $2 billion and said it may be in violation of at least one loan covenant."

Bloomberg - "Credit Suisse May Post Quarterly Loss on SF5 Billion Writedown" (4-23-08)

"The world's biggest banks and securities firms have reported credit losses and writedowns of $290 billion since the start of 2007 following the collapse of the U.S. subprime mortgage market."

The Washington - "Lenders Swamped by Delinquent Mortgages" (4-23-08)

"Seven out of 10 troubled mortgage borrowers remain without a plan to work out their loans despite increased industry efforts to help them, according to a new report from a coalition of state attorneys general and banking regulators. The group collected data from 13 of the largest subprime lenders from October through January and found that the lenders are overwhelmed by their workloads and unable to keep pace with the number of borrowers who are falling behind on payments."

The Washington Post - "Effort to Rein In Fannie, Freddie Gains Steam" (4-23-08)

"Treasury Department officials have stepped up efforts to strengthen the regulation of Fannie Mae and Freddie Mac, the two largest buyers of home mortgages, pressing key senators to break a legislative stalemate that has lasted for years. The recent turmoil in credit markets has refocused attention on Fannie Mae and Freddie Mac, which play a vital role in supporting the U.S. mortgage market. About 80 percent of all home loans are now bought by these two federally chartered companies, according to Freddie Mac."

Bloomberg - "Morgan Stanley Raises $2.5 Billion for Real Estate" (4-23-08)

"Morgan Stanley, seeking profits amid the decline in real estate values, raised an additional $2.5 billion for a global property fund that will invest part of its assets in U.S. mortgage debt. About half of the new money in the Special Situations Fund III will be spent in the U.S., Spain and the U.K., as well as other developed markets in Europe and Asia, said John Carrafiell, joint global head of real estate investing for Morgan Stanley. The rest will be invested in emerging markets."

Bloomberg - "Kimball Hill, U.S. Homebuilder, Files for Bankruptcy" (4-23-08)

"Kimball Hill Inc., a closely held homebuilder active in five U.S. states and 29 affiliates, filed for Chapter 11 bankruptcy protection as demand for new homes tumbles. The Rolling Meadows, Illinois-based company listed assets of $795.5 million and debt of $631.9 million as of Dec. 31 in documents filed today in U.S. Bankruptcy Court in Chicago. Kimball Hill sells houses in California, Illinois, Florida, Texas and Las Vegas."

Bloomberg - "Pulte Loss Widens to $696.1 Million in Housing Slump" (4-23-08)

"Pulte Homes Inc., the fourth-largest U.S. homebuilder, reported a $696.1 million first-quarter net loss, about three times wider than analysts expected, as stricter mortgage-lending standards cut demand. The net loss swelled to $2.75 a share, from $85.7 million, or 34 cents, a year earlier, the Bloomfield Hills, Michigan-based company said today in a statement. Pulte's sixth consecutive quarterly loss included $663.6 million of expenses to write down the value of land. Revenue declined 23 percent to $1.45 billion."

Bloomberg - "GE Real Estate Buys EU1.27 Billion of Property Loans" (4-23-08)

"General Electric Co. bought 1.27 billion euros ($2.03 billion) worth of commercial-property loans in Europe, the U.S. firm's second acquisition of such loans in five months. The 39 loans were bought from closely held Capmark Financial Group Inc. at a discount, Michael Rowan, GE's head of real estate in the U.K., said in an interview today. Most of the loans are backed by properties in Germany, according to Rowan, who declined to disclose the purchase price."

Bloomberg - "U.S. Architects' Services Index Falls to Record as Demand Slows" (4-23-08)

"Slowing demand for U.S. architectural services last month drove down a billings index to a record, as developers cut back plans for commercial construction this year, the American Institute of Architects said. The Architecture Billings Index dropped to 39.7 last month from 41.8 in February, the Washington-based institute said today in a statement. The score was the lowest since the survey's inception in November 1995. Any score below 50 indicates a decrease in billings from the previous month."