NAHB - "Home Builders Strongly Back Economic Rescue Plan" (10-3-08)

"House adoption of the Emergency Economic Stabilization Act of 2008 was strongly endorsed today by the 235,000-member National Association of Home Builders (NAHB). The bill, which was approved by a 263 to 171 vote, is expected to be signed into law by President Bush before the end of the weekend."

Mortgage Bankers Association - "MBA Hails Passage of Economic Stabilization Package, Tax Extenders" (10-3-08)

"Mortgage Bankers Association (MBA) today applauded the House of Representatives' passage of H.R. 1424, the Emergency Economic Stabilization Act of 2008. The bill, which establishes a program at the Treasury Department to purchase distressed mortgage-related assets, also includes the extension of several tax provisions that will help steady the American economy."

Bloomberg - "Wells Fargo's Wachovia Bid Sparks Feud With Citigroup" (10-3-08)

"Wells Fargo & Co. offered $15 billion for Wachovia Corp., setting up a contest with Citigroup Inc. for control of the embattled North Carolina lender. Citigroup demanded Wells Fargo abandon the takeover, claiming it breaches an exclusive deal reached earlier this week in which the New York-based lender agreed to buy Wachovia's banking operations for $2.16 billion with government help."

Bloomberg - "Schwarzenegger Says Federal Loan to State an Option" (10-3-08)

"The governor wrote a letter to U.S. Secretary Henry Paulson last night, saying turmoil in the credit markets has impeded the state's access to short-term financing commonly used by states and local governments to pay bills until tax revenue arrives later in the year. California and other U.S. states may need emergency federal loans if the credit crisis doesn't ease soon, Schwarzenegger said. California, the most populous U.S. state, will run out of money by the end of this month and needs $7 billion in funding."

Bloomberg - "General Growth's Slump Shows Debt Risk for U.S. REITs" (10-3-08)

"General Growth Properties Inc. lost more than 82 percent of its market value in the past year as investors punished the mall owner for the loans it has coming due. There may be more around the corner for other landlords."

Orange County Register - "Homebuying doubles or more in 17 O.C. ZIPs" (10-3-08)

"Latest home-selling stats from DataQuick show for the 22 business days ended Sept. 15 shows that O.C. homebuying runs 25.7% above a year ago. Selling doubled or more in 17 O.C. ZIPs — including all six covering Santa Ana."