Inman News - "California targeting real estate kickbacks" (8-11-08)

"California regulators plan to tighten rules governing affiliated businesses and step up enforcement of anti-kickback provisions in existing law -- changes they estimate could cost the state's title insurers and underwritten title companies up to $732 million a year in profits."

Yahoo - "Credit unions hit by mortgage-market problems: report" (8-11-08)

"Five of North America's largest credit unions are reporting big paper losses on mortgage-related securities, a sign that housing-market distress is spreading even to the most risk-averse financial sectors, the Wall Street Journal (WSJ) said on Monday."

Bloomberg - "FDIC Fund Strained by Bank Failures May Lift Premiums" (8-11-08)

"The failure of IndyMac Bancorp Inc. and seven other banks this year may erase as much as 17 percent of a government insurance fund and raise premiums for all banks, from Franklin National of Minneapolis to Bank of America Corp."

Bloomberg - "Auction-Rate Costs May Rival Spitzer Settlements" (8-11-08)

"UBS AG and Citigroup Inc. agreed last week to buy about $26 billion of auction-rate bonds from clients and pay $250 million in fines after regulators said the firms marketed the securities as safe alternatives to money-market investments. Merrill Lynch & Co. announced a plan to purchase $10 billion. JPMorgan Chase & Co., Morgan Stanley and Wachovia Corp. received letters today from New York Attorney General Andrew Cuomo requesting they begin 'immediate' settlement talks related to auction-rate debt."

Bloomberg - "Bringing Down Bear Began as $1.7 Million of Options" (8-11-08)

"On March 11, the day the Federal Reserve attempted to shore up confidence in the credit markets with a $200 billion lending program that for the first time monetized Wall Street's devalued collateral, somebody else decided Bear Stearns Cos. was going to collapse."

Bloomberg - "Dollar Gain Signals Pain; Rally Prompts Exit" (8-11-08)

"Just because the dollar posted its biggest gain against the euro in almost eight years doesn't mean the U.S. currency won't continue to be plagued by the nation's slowing economy, widening budget and trade deficits and negative inflation-adjusted interest rates. The 4 percent surge against the single European currency this month was enough to prompt Bank of America Corp. to tell its customers to exit trades betting on more gains. Morgan Stanley still forecasts the greenback will approach a record low by October as the U.S. housing slump and credit-market losses keep the Federal Reserve from raising interest rates this year."

Bloomberg - "Radian Loses $393 Million, Will Tap Bond Guarantor" (8-11-08)

"Radian Group Inc., the third-largest U.S. mortgage insurer, lost $392.5 million as the company increased expectations for future claims. Radian will fold its bond insurance unit into the mortgage guarantor to increase capital in the primary business. The second-quarter net loss was $4.91 a share, compared with profit of $21.1 million, or 26 cents, a year earlier, the Philadelphia-based insurer said today in a statement."

The Wall Street Journal - "Despite the Weak Dollar, Foreign Buyers Aren't Rushing In" (8-11-08)

"A report released August 7th by the National Association of Realtors revealed the curious fact that for 2008, for the 12 months ending in May, only 26% of 4,000 American real estate agents surveyed had at least one foreign client. In 2007, when a similar number of agents were surveyed, the proportion was much higher--32%. In both years, about half of the clients eventually bought a home, typically as a vacation home or investment. Those that didn't, the agents said, were turned off by the cost of the property (54%), immigration laws that prevent foreign nationals from living in the United States year-round (27.4%) and property taxes (24.2%)."

Orange County Register - "O.C.’s homes for sale hit ‘08 low" (8-11-08)

"The latest report from Steve Thomas at Re/Max Real Estate Services in Aliso Viejo says the inventory of homes for sale in Orange County dropped to the lowest level of the year last week. For the two weeks ended Thursday, 398 homes came off the market, leading inventory to drop to 14,348."