NAR - "Nar Says Stimulus Bill Will Help Stabilize Housing And Mortgage Markets" (5-9-08)

"The National Association of Realtors congratulated House Committee on Financial Services Chairman Barney Frank, D-Mass. on his leadership and the U.S. House of Representatives for voting to pass H.R. 3221, The Foreclosure Prevention Act. Their actions will help bring stability to the housing market and stem the rising rate of foreclosures."

Yahoo - "Citigroup to shed nearly $500B in assets" (5-9-08)

"Citigroup Inc. said Friday it aims to shed about $500 billion in assets and grow revenue by 9 percent over the next few years, as it tries to rebound from massive losses tied to deterioration in the mortgage and credit markets."

Bloomberg - "Morgan Asset's Kelsoe Set to Lose Seven Funds After" (5-9-08)

"The last step in James Kelsoe's transformation from top-ranked bond investor to subprime-crisis poster boy may come July 11 when shareholders of his seven funds vote on whether to dump him for a new manager. The funds, with combined assets of $611 million, have lost an average 67 percent in the past 12 months, prompting investor lawsuits against Kelsoe and his employer, Memphis, Tennessee- based Morgan Asset Management Inc. Assets in his largest fund, Regions Morgan Keegan Select High Income, have plunged to $104 million from a peak of $1.23 billion in 2006."

Bloomberg - "U.S. House Passes Anti-Foreclosure Bill Facing Bush Veto Threat" (5-9-08)

"The U.S. House of Representatives passed legislation to let a federal agency insure up to $300 billion in mortgages to help homeowners avert foreclosure, a day after the White House threatened to veto the measure. The House voted 266-154 yesterday to approve the housing package offered by Massachusetts Democrat Barney Frank. The plan would allow the Federal Housing Administration to insure refinanced mortgages after loan holders agree to cut principal to make payments affordable."

Bloomberg - "Tejon Ranch, Environmentalists Agree to Protect California Land" (5-9-08)

"Tejon Ranch Co., owner of the largest ranch in California, will permanently protect two-thirds of its land in an agreement with five environmental groups that opens the way for the construction of thousands of homes. In exchange for the guaranteed conservation of 178,000 of Tejon's 270,000 acres, groups including the Sierra Club and the Natural Resources Defense Council won't oppose plans to develop 30,000 acres, Tejon said yesterday in a BusinessWire statement."

Realty Times - "Real Estate Outlook: State of the Economy" (5-9-08)

"Here's how a top mortgage industry economist sees conditions in the market at the moment: It's all kind of 'flat', says Orawin, senior forecast economist for the Mortgage Bankers Association of America."

Realty Times - "Realty Viewpoint: Show HomeBuyers How Rewards Outweigh Risks" (5-9-08)

"As we've hammered home the point before, Americans have been scared witless by economists, most with personal agendas, that housing still has a long way to go before it hits bottom. That puts the housing industry in a bad spot. Not only do Realtors, builders and sellers need to convince buyers that now is a good time to buy, the industry also has to go one step further -- prove to buyers that purchasing real estate is a sound investment."

Orange County Register - "Great mortgage deals for big O.C. homes?" (5-9-08)

"Buyers of larger homes in Orange County got a break this week as rates fell on big home loans following a move by Fannie Mae, the largest U.S. funder of mortgages. Of course, buyers need to bring some hefty cash to the table to get the lower rate."