Mortgage Bankers Association - "Delinquencies and Foreclosures Increase in Latest MBA National Delinquency Survey" (9-05-08)

"The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 6.41 percent of all loans outstanding at the end of the second quarter of 2008, up six basis points from the first quarter of 2008, and up 129 basis points from one year ago on a seasonally adjusted basis, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey."

Mortgage Bankers Association - "MBA Urges SEC to Delay Consideration of Changes to Rules Regarding Reliance on NRSRO Ratings" (9-05-08)

"The Mortgage Bankers Association (MBA) today submitted a comment letter to the Securities and Exchange Commission (SEC) urging the SEC to delay consideration of proposed changes to its rules and forms regarding reliance on Nationally Recognized Statistical Rating Organization (NRSRO) ratings. MBA recommends that consideration of the proposed rules be delayed until the SEC collaborates with banking and insurance regulatory agencies to develop a consistent, comprehensive, and coordinated policy regarding the reliance on NRSRO ratings in their respective regulations."

Ventura County Star - "Home prices in 'free fall' locally" (9-05-08)

"Anderson said it was a mortgage finance bubble that got the country into this mess, and we're not out of the woods. Though there are some encouraging signs in the housing market, such as those mentioned by Schniepp, Anderson said there is a concern that if mortgage rates spike upward it could delay any real improvement in home demand. John Burns of John Burns Real Estate Consulting set the housing recovery closer to 2011. That recovery will vary depending on location; metropolitan areas closest to jobs should rebound first, he said."

Bloomberg - "Merrill Lynch Cut to `Sell' at Goldman on Writedowns" (9-05-08)

"Merrill, battered by more than $40 billion of credit market writedowns, has sold mortgage-linked assets to reduce risk and free up capital. The company trades at 1.25 times book value, compared with 0.95 for Citigroup Inc., the only firm that's reported larger writedowns and losses stemming from the credit market crunch, according to data compiled by Bloomberg."

Bloomberg - "Bank of America Seeks to Settle Auction-Rate Accords" (9-05-08)

"Bank of America Corp., the nation's second-largest bank, said it wants to settle state and federal regulatory probes into how it marketed auction-rate securities on terms similar to agreements with other major banks."

Bloomberg - "Credit Card, Auto Debt Were the Worst Debt Performers" (9-05-08)

"Bonds backed by credit card debt, car loans and commercial mortgages were the worst performers in the debt markets in August as concern escalated that consumers may fall further behind on their bills."

The San Diego Union Tribune - "A housing flip-flop" (9-05-08)

"Drawing on data from National City Corp. in Cleveland, Global Insight said San Diego single-family resale housing, which had a median price of $349,300 in the second quarter, was 17.2 percent undervalued, based on household income and prices. In the second quarter of 2005, single-family housing, then with a median price of $505,900, was 39.1 percent overvalued."

Yahoo - "Greenspan: Don't use Fed as a 'magical piggy bank'" (9-05-08)

"Greenspan says Congress needs to give the government new powers to handle troubled companies to minimize any potential losses to American taxpayers. A self-described libertarian Republican, Greenspan has a reputation for being wary of giving the government extra powers. However, in crisis situations, there needs to be a clear process for handling bailouts, rather than depending on the Fed to do so, he reckons."

Orange County Register - "O.C. homes now $200,000 below peak" (9-05-08)

"Latest home-selling stats from DataQuick show for the 22 business days ended Aug. 20 shows that the median price is now at $445,000 — that’s $200,000, or 31%, below the peak of $645,000 hit in June 2007."