Bloomberg - "Fed Wisely Chose to Avoid Making Risky Choice" (8-6-08)

"Cutting the Federal Open Market Committee's 2 percent overnight lending rate target might have stimulated weak economic growth, at the risk of making inflation worse. Increasing the target in an effort to bring down inflation might have made the credit conditions plaguing the economy even tighter, undermining what growth there is."

Bloomberg - "Ambac, Using an Accounting Change, Posts Net Income" (8-6-08)

"Ambac Financial Group Inc., the bond insurer that lost 92 percent of its stock market value in the past year, posted second-quarter net income after using an accounting change to record a $5.2 billion gain related to its debt securities."

Bloomberg - "Freddie Posts Loss, Cuts Dividend as Slump Deepens" (8-6-08)

"Freddie Mac, the U.S. mortgage-finance company hobbled by record foreclosures, slashed its dividend at least 80 percent after posting a quarterly loss that was three times wider than analysts' estimates."

Yahoo - "Morgan Stanley to freeze home-equity credit lines: report" (8-6-08)

"Morgan Stanley (NYSE:MS - News) told thousands of clients this week that they will not be allowed to withdraw money on their home-equity credit lines, Bloomberg News reported Wednesday, citing a person familiar with the situation. Most of the clients had properties that have lost value, the agency reported, citing a person who declined to be identified."

Bloomberg - "Lender Says Bill May Increase Reverse Mortgages" (8-6-08)

"David Peskin, chief executive officer of the Senior Lending Network, the Melville, New York-based lender that specializes in reverse mortgages, said he expects the new comprehensive housing bill to spark interest in the loans."

Bloomberg - "Investcorp Real Estate Unit Buys $210 Million Loans at Discount" (8-6-08)

"The U.S. unit of Bahrain's Investcorp Bank BSC said it bought six mezzanine loans with a face value of $210 million at a discount from banks trying to clear their books of assets tainted by the subprime mortgage crisis."

Bloomberg - "U.S. MBA's Mortgage Applications Index Climbed 2.8% Last Week" (8-6-08)

"Mortgage applications in the U.S. climbed last week from a seven-year low as more Americans sought to refinance out of adjustable-rate loans. The Mortgage Bankers Association's index of applications to buy a home or refinance a loan rose 2.8 percent to 432.6 in the week ended Aug. 1 from the prior week, when it reached the lowest level since December 2000. The group's refinancing gauge also improved from a seven-year low."

Orange County Register - "Sublet glut hits office rents" (8-6-08)

"As sublet office space pours onto the O.C. market, landlords are having a tougher time getting asking rents for direct space, says Studley Inc.’s latest report. The real estate services company, which represents office tenants, says the county had 2.4 million square feet of office space on the market in the second quarter. The overall asking rent countywide fell to $31.13 per square foot , 3.8% lower than the same period last year. It was the second quarter in a row rents were down"