Wednesday, April 02, 2008

NAR - "U.S. Health Care System Must Be Reformed, Say Nine Out of 10 Realtors®" (4-2-08)

"A recently conducted 2008 NAR Health Insurance Coverage survey found that 91 percent of Realtors® believe that the U.S. health care system should be reformed, and 82 percent believe the current health care system is not meeting the needs of most Americans. Nearly a quarter of NAR’s 1.3 million members do not have health care insurance, and for most Realtors® without insurance, the reason is cost."


Mortgage Bankers Association - "Mortgage Applications Decrease In Latest MBA Weekly Survey" (4-2-08)

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The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 28, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 688.3, a decrease of 28.7 percent on a seasonally adjusted basis from 965.9 one week earlier. On an unadjusted basis, the Index decreased 28.1 percent compared with the previous week and was up 4.8 percent compared with the same week one year earlier."

Bloomberg - "
Fed Should Clarify Link to Bear Stearns Assets" (4-2-08)

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When the Federal Reserve brokered a weekend deal last month for JPMorgan Chase & Co. to purchase Bear Stearns Cos. before it collapsed, many of the terms of the agreement were murky. The Fed made it clear it had to cough up $30 billion ($29 billion on the second go-round) for Bear Stearns's 'less liquid assets' to induce JPMorgan Chief Executive Jamie Dimon to sign off on the deal. What was unclear was the Fed's relationship to those assets."

Bloomberg - "Bernanke Says U.S. Economy May Slip Into a Recession" (4-2-08)

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Federal Reserve Chairman Ben S. Bernanke acknowledged for the first time that a U.S. recession is possible because homebuilding, employment and consumer spending will deteriorate. 'It now appears likely that real gross domestic product will not grow much, if at all, over the first half of 2008 and could even contract slightly,' Bernanke told Congress's Joint Economic Committee today. He also said the Fed's emergency loan to Bear Stearns Cos. followed a March 13 warning by the firm that it would have to file for bankruptcy the next day."

Bloomberg - "Paulson Says Treasury `Flexible' on Housing Measures" (4-2-08)

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Treasury Secretary Henry Paulson indicated the Bush administration is willing to consider congressional plans to stem foreclosures by expanding government guarantees for mortgages."

Bloomberg - "UBS, Lehman Raisings May Signal Rout Is Nearing End" (4-2-08)

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UBS, battered by the biggest writedowns from the collapse of the U.S. subprime mortgage market, announced plans yesterday to seek 15 billion Swiss francs ($14.8 billion) in a rights offer to replenish capital, while New York-based Lehman, the fourth- largest U.S. securities firm, raised $4 billion in a stock sale."

Bloomberg - "Buffett's MidAmerican Says 2007 Net Rose 30 Percent on Rates" (4-2-08)

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Utah, Oregon and Washington approved higher power rates in June, and agreements in Wyoming and Idaho will increase revenue this year, MidAmerican said a filing with the U.S. Securities and Exchange Commission today, which included slides prepared for a conference of fixed-income investors. Sales rose 20 percent to $12.4 billion. MidAmerican acquired PacifiCorp in March 2006 for $5.1 billion from Scottish Power Plc. PacifiCorp accounted for $235 million of MidAmerican's $273 million increase in net income in 2007, according to the filing."

Orange County Register - "Wachovia may ditch Pick-A-Payment loan in 17 markets" (4-2-08)

"Wachovia is considering ending their Pick-A-Payment mortgage loans in 17 California counties that have been hit hard by falling home prices and rising foreclosures, reports the Associated Press."

Orange County Register - "Fed map shows more bad loans in inland Orange County" (4-2-08)

"Orange County has more delinquent subprime loans further from the coast — not a conclusion that will surprise readers but it’s interesting to see on a map."


Orange County Register - "Half of ‘07 low-end O.C. homebuyers are upside down" (4-2-08)

"Zillow.com reports that about half of the Orange County homeowners who bought homes last year at the bottom three-fifths of the price spectrum owe more for their mortgage than their home is now worth. At the top end of the pricing spectrum, 17% of last year’s homebuyers are upside down."

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