NAR - "NAR Statement on Actions to Stabilize The Secondary Mortgage Market" (9-08-08)

"I commend Treasury Secretary Paulson and Federal Housing Finance Agency Director Lockhart for their bold actions to bring stability and continued liquidity to the nation’s mortgage market. Fannie Mae and Freddie Mac have always played a vital role in the U.S. economy by making fair and affordable mortgage loans available for home buyers and owners. Their critical mission must not be interrupted, and Sunday’s announcement goes a long way in making sure that does not happen."

Yahoo - "Fannie, Freddie takeover offers recovery hope: analysts" (9-08-08)

"'Although Fannie and Freddie shareholders will lose, and the move will cost US taxpayers tens of billions of dollars, the housing market will receive an important boost via lower mortgage rates and more available mortgage credit,' said Mark Zandi, chief economist at Economy.com."

Inman News - "FDIC expects more bank failures" (9-08-08)

"Federal Deposit Insurance Corp. Chairwoman Sheila Bair warned bankers to brace for higher insurance premiums as banks continue to fail and the the FDIC looks for ways to boost reserves to required minimums. Addressing the Florida Bankers Association Thursday, Bair said 98 percent of banks that hold 99 percent of total bank assets are 'well capitalized.' But 10 FDIC-insured banks have failed this year, and Bair warned of more failures to come."

Bloomberg - "Wall Street Trading Gets Zero Value From Lehman, Merrill Owners" (9-08-08)

"Lehman Brothers Holdings Inc. is trying to sell its fund-management unit to cover further mortgage- related writedowns. If it does, what's left won't be worth much, based on how investors value the firm."

Bloomberg - "Lenders With `Outsized' GSE Stakes May Need Capital" (9-08-08)

"Sovereign Bancorp Inc., Gateway Financial Holdings Inc. and lenders with 'significant' stakes in Fannie Mae and Freddie Mac may be left grasping for capital after the U.S. government seized the mortgage companies and placed them into conservatorship."

Bloomberg - "WaMu Drops on Regulatory Scrutiny as CEO Is Replaced" (9-08-08)

"Washington Mutual Inc., the biggest U.S. savings and loan, tumbled as much as 24 percent after ousting Chief Executive Officer Kerry Killinger and disclosing that regulators stepped up scrutiny of the lender's operations. WaMu signed an accord with the Office of Thrift Supervision that calls for the Seattle-based company to reduce risks and overhaul procedures, according to a statement today. Alan Fishman, 62, of Meridian Capital Group, a New York-based commercial mortgage broker, replaces Killinger, 59, who was CEO for 18 years."

Orange County Register - "‘Futility of payback’ delays home improvements" (9-08-08)

"Consumers nationwide were slightly less nervous about declining home values in August than July, but they still say they are cutting back on their spending, according to the latest Discover U.S. Spending Monitor monthly survey."

Orange County Register - "Santa Ana housing market seen 90% healthier" (9-08-08)

"Steve Thomas at Re/Max Real Estate Services in Aliso Viejo calculates a 'market time' benchmark tracking how many months it theoretically takes to sell all the inventory in the local MLS for-sale listings at the current pace of pending deals being made. Reading his latest report, your blogger reflected back a year ago as the mortgage crunch was fully showing its impact on the local market. Today, after much turmoil and significant price cuts, the market appears to have stabilized. (Well, 42% of the for-sale supply are distressed homes."

Orange County Register - "OC lenders slash mortgage rates after bailout" (9-08-08)

"Mortgage rates in Orange County plummeted this morning as markets reacted to Sunday’s news about the government takeover of the two largest buyers of U.S. home loans. The rate on a 30-year fixed-rate mortgage up to the old conforming limit of $417,000 dropped as low as 5.5% with a one-point fee from 6% on Friday, said Al Hensling, head of United American Mortgage in Irvine."

Orange County Register - "Distressed homes 42% of O.C. listings" (9-08-08)

"Home market watcher Steve Thomas at Re/Max Real Estate Services in Aliso Viejo reports that the number of O.C. distressed properties (homes listed by agents as foreclosures or short sales) was 5,744 last week, that’s down 121 vs. two weeks earlier or a -2.1% change."