Yahoo - "Paulson says US mortgage giants 'adequately capitalized'" (7-10-08)

"Treasury Secretary Henry Paulson said Thursday that US mortgage finance giants Fannie Mae and Freddie Mac are 'adequately capitalized' in the face of a 'challenging period.'"

Bloomberg - "Fannie, Freddie `Insolvent' After Losses, Poole Says" (7-10-08)

"Fannie Mae paid a record yield relative to Treasuries on the sale of $3 billion in two-year notes yesterday amid concern the biggest provider of financing for U.S. home loans won't have enough capital to weather the worst housing slump since the Great Depression. The company's credit-default swaps show traders are treating the AAA rated debt as if it were five steps lower. Fannie Mae shares tumbled 13 percent yesterday in New York to the lowest level in almost 14 years."

Yahoo - "US foreclosure filings surge 53 percent in June" (7-10-08)

"Nationwide, 252,363 homes received at least one foreclosure-related notice in June, up 53 percent from the same month last year, but down 3 percent from May, RealtyTrac Inc. said. One in every 501 U.S. households received a foreclosure filing last month."

Reuters - "US housing bill clears Senate procedural hurdle" (7-10-08)

"A bill to save hundreds of thousands of homeowners from foreclosure cleared a procedural hurdle in the U.S. Senate on Thursday and moved a step closer to being sent to the House of Representatives for needed agreement. On a vote of 84-12, more than the required 60, the Senate agreed to proceed with the legislation, and could send it later in the day to the House, where it faced a number of potential amendments."

Bloomberg - "KB Home Adds Robert Johnson, Founder of BET, to Board" (7-10-08)

"KB Home, the Los Angeles-based homebuilder that's lost half its stock-market value in the past year, said Robert L. Johnson, founder of Black Entertainment Television and chairman of RLJ Cos., has become a director. KB Home's board now has 11 directors, 10 of whom are independent, following Johnson's unanimous election, the homebuilder said today in a statement. Johnson previously served with KB Home Chairman Stephen Bollenbach on the board of Hilton Hotels Corp., which Blackstone Group LP purchased last year."

Bloomberg - "Credit Scores Cost Consumers $28 Billion, Survey Says" (7-10-08)

"U.S. consumers remain in the dark about how the credit-scoring system works in obtaining mortgages, insurance and credit cards, costing individuals as much as $28 billion each year, a survey concluded. Credit scores are a vital but often overlooked part of people's financial health. The number, also known as a FICO score, determines interest rates on credit cards, and is being used increasingly by insurance companies to set rates and prospective employers in hiring decisions."

Bloomberg - "MGIC Downgraded by Moody's After Mortgage Defaults" (7-10-08)

"MGIC Investment Corp., the largest U.S. mortgage insurer, had its credit rating cut by Moody's Investors Service on record mortgage defaults. Moody's lowered its assessment of the Milwaukee-based insurer's claims-paying ability to A1 from Aa2 at its primary U.S. unit and to A2 from Aa2 at its Australian insurer. The downgrades were the result of a review begun in January and future rating cuts are more likely than improvements, Moody's said in a statement today."

Realty Times - "Market Conditions: California" (7-10-08)

"Market expert, Joanne Brown, is reporting that California home sales decreased in percentage wise -- with a year over year decline. However, per the index, eight of 20 cities experienced month-over-month increases in prices. That shows cities "are beginning to sort themselves into a better market condition. This also shows that the whole market is not collapsing. California cities included in the index continued to experience price declines are Los Angeles, San Diego and San Francisco."

Realty Times - "Realty Viewpoint: Energy Bills Are Yet Another Dealkiller/maker" (7-10-08)

"Thank goodness oil prices pulled back this week, falling as much as $9 a barrel over two days. Consumers needed a break, but that doesn't mean concern about energy prices is going away. Prices are still double what they were last year, and that means homebuyers are not only looking at their commute times, they're also looking closely at energy efficiency in the homes they buy."