NAR - "NAR Statement on Defeat of Economic Stability Act" (9-29-08)

"The National Association of Realtors® is extremely disappointed in the actions of the U.S. House of Representatives today in failing to pass the Emergency Economic Stability Act of 2008. This legislation is critical to stopping the economic turmoil that millions of Americans are facing. Completing a recovery plan that will end the current economic crisis crippling the housing and financial markets must be accomplished quickly and in a bipartisan manner."

Bloomberg - "Jittery Money-Market Investors Await Treasury Guarantee Details" (9-29-08)

"The U.S. Treasury Department's effort to back up money- market investors announced Sept. 19 seems to be working in stopping withdrawals from the $3.35 trillion industry. Assets have grown by about $23 billion through Sept. 24."

Bloomberg - "Lehman's `100% Principal Protection' Means Pennies for Notes" (9-29-08)

"A brochure pitching $1.84 million of notes sold by Lehman Brothers Holdings Inc. in August, a month before the firm filed for bankruptcy, promised '100 percent principal protection.'
Buyers had 'uncapped appreciation potential' pegged to gains in the Standard & Poor's 500 Index, the brochure said. In the worst case, they would get back their $1,000-per-note investment in three years. Only the last in a list of 15 risk factors mentioned the biggest danger: 'An investment in the notes will be subject to the credit risk of Lehman Brothers.'"

Bloomberg - "Goldman, Merrill Collect Billions After Fed's AIG Bailout Loans" (9-28-08)

"As much as $37 billion from federal bailout loans to American International Group Inc. has gone to investment banks including Goldman Sachs Group Inc., the firm Treasury Secretary Henry Paulson used to run. Without the government money, Goldman, Merrill Lynch & Co., Morgan Stanley, Deutsche Bank AG and other firms could have become some of the biggest creditors in a bankruptcy filing by AIG, the world's largest insurer, because of its billions in losses on subprime bonds and corporate debt."

Bloomberg - "Citigroup Agrees to Buy Wachovia's Banking Business" (9-28-08)

"Citigroup Inc., the biggest U.S. bank by assets, will acquire banking operations of Wachovia Corp. for about $2.16 billion after shares of the North Carolina lender collapsed under the weight of overdue mortgages. The all-stock deal equals about $1 a share for the Charlotte-based bank, ranked sixth by assets in the U.S. All depositors will be protected, according to the Federal Deposit Insurance Corp., which helped broker the takeover by Citigroup. The New York-based bank plans to cut its own dividend in half and raise $10 billion in capital as it takes on Wachovia's senior and subordinated debt."

Bloomberg - "Morgan Stanley Gets $9 Billion From Mitsubishi UFJ" (9-28-08)

"Morgan Stanley agreed to sell a 21 percent stake to Japan's Mitsubishi UFJ Financial Group Inc. for $9 billion, seeking to shore up investor confidence after borrowing costs climbed and its stock fell by half. Mitsubishi UFJ, Japan's biggest lender, will buy $3 billion of common stock and $6 billion of convertible preferred stock that pays a 10 percent dividend, the two companies said today in a statement. Morgan Stanley shares fell 15 percent amid a collapse in bank stocks after a $700 billion financial-rescue bill failed to pass in Congress today and Wachovia Corp. sold most of its assets to Citigroup Inc."

Bloomberg - "WaMu Failure Seen Boosting Seattle Office Vacancies" (9-28-08)

"Washington Mutual Inc.'s failure probably means more empty office space in its home market of Seattle, where the vacancy rate is rising for the first time in four years."

Bloomberg - "Patriot Homes, Indiana Modular Builder, Seeks Court Protection" (9-28-08)

"Patriot Homes Inc., the 36-year-old builder of manufactured homes, sought bankruptcy court protection from creditors along with seven affiliates, blaming the collapse of the U.S. real-estate market. Patriot, based in Middlebury, Indiana, has nearly 500 workers at three production sites in Indiana, Texas and Alabama, according to court papers. The company said it's one of the largest privately owned U.S. builders of modular homes."

Orange County Register - "O.C. homebuilding down 94%" (9-28-08)

"Construction Industry Research Board figures out this month show that permits for new home construction dropped 94% in Orange County last month. The board reported that 74 building permits for new homes were issued here in August, compared to 1,302 the same month last year. August’s building permit number is just one-tenth the average number for an August in the past 20 years."