NAR - "REALTORS® Pledge Support to Finalize Housing Stimulus Bill" (7-14-08)

"The U.S. Senate has passed a bipartisan housing stimulus bill that 'is a big step toward helping people buy and keep their homes,' said National Association of Realtors® President Dick Gaylord. The Senate action moves a housing stimulus package closer to law, which would help bring stability to the housing market and stop the rising rate of foreclosures."

San Francisco Chronicle - "Fed adopts plan to curb shady mortgage practices" (7-14-08)

"For risky borrowers, the new rules will bar lenders from making loans without proof of a borrower's income. The rules will require lenders to make sure risky borrowers set aside money to pay for taxes and insurance."

Mortgage Bankers Association - "MBA's Quinn Reacts to Release of Final HOEPA Rule" (7-14-08)

"MBA applauds the Federal Reserve for stepping up to the plate and providing consumers with comprehensive rules to guide lenders and protect consumers in the mortgage process. These rules are a thoughtful effort to tackle difficult concerns and attempt to balance the need for new standards against the need for available, relatively low cost mortgage credit."

Bloomberg - "Citigroup's $1.1 Trillion of Mysterious Assets Shadows Earnings" (7-14-08)

"At an investor presentation in May, Citigroup Inc. Chief Executive Officer Vikram Pandit said shrinking the bank's $2.2 trillion balance sheet, the biggest in the U.S., was a cornerstone of his turnaround plan. Nowhere mentioned in the accompanying 66-page handout were the additional $1.1 trillion of assets that New York-based Citigroup keeps off its books: trusts to sell mortgage-backed securities, financing vehicles to issue short-term debt and collateralized debt obligations, or CDOs, to repackage bonds."

Orange County Register - "Irvine called 4th best place to live in U.S." (7-14-08)

"Long before developers embraced the idea of mixed-use communities, there was Irvine. It was born in the 1960s, when the University of California commissioned architect William Pereira to design a new campus and town. Today, its population hovers around 200,000, yet it feels much smaller thanks to its tight-knit neighborhoods and more than 16,000 acres of green space."

Orange County Register - "Demand for O.C. homes off 11% in 2 weeks" (7-14-08)

"Fresh math from Steve Thomas at Re/Max Real Estate Services in Aliso Viejo suggests that O.C.’s recent homebuying surge has taken, at least, an early summer vacation. His measure of demand — new escrows to buy local residences opened in the past 30 days — fell 11% just in the past two weeks."