NAR - "Realtors® Join With Mayors and Others to Bring Workers Home" (10-6-08)

"Rising home prices, increased housing costs, and today’s tightened mortgage market have put homeownership out of reach for many working families. In fact, an NAR survey found that eight out of 10 Americans believe that having enough money for down payment and closing costs is an obstacle to purchasing a home. Another 69 percent think it’s difficult to find a home that they both like and can afford."

Bloomberg - "FHA Will Take on Subprime Loans Shunned by Lenders" (10-6-08)

"The Federal Housing Administration has grown so large that by the end of the year it will guarantee mortgages for three in 10 U.S. borrowers, many of whom have bad credit or loans that required no verification of income. Congress wants FHA to do more. The Hope for Homeowners program, unveiled Oct. 1, authorizes the agency, part of the cabinet-level Department of Housing and Urban Development, to guarantee up to $300 billion of 30-year, fixed rate home loans for struggling borrowers over the next three years. The Congressional Budget Office estimates that 400,000 households will get FHA- insured loans and about one-third of those will fall behind again on their new loans."

Bloomberg - "Countrywide Settles Fraud Cases for $8.4 Billion" (10-6-08)

"Countrywide Financial Corp., the mortgage lender acquired by Bank of America Corp., will settle fraud complaints in 11 states by cutting the amount borrowers owe and their interest rates at a cost of $8.4 billion. The accord, which includes relocation assistance for homeowners whose homes have been or are about to be foreclosed, will affect about 400,000 customers and resolves lawsuits filed by attorneys general in California, Illinois, Connecticut and Florida, and complaints from seven other states."

Bloomberg - "Citigroup, Wells Fight May End by Splitting Wachovia" (10-6-08)

"Citigroup Inc. and Wells Fargo & Co. may end up splitting Wachovia Corp., the Charlotte, North Carolina-based bank staggered by almost $53 billion of mortgage- related losses. Wells Fargo's $15.1 billion offer on Oct. 3 trumped New York-based Citigroup's $2.16 billion bid with assistance from the Federal Deposit Insurance Corp. for parts of Wachovia, setting up a takeover fight for a bank with 20 million customers and almost $450 billion of deposits."

Bloomberg - "Fed Boosts Cash Auctions to $900 Billion, May Do More" (10-6-08)

"The Federal Reserve will double its auctions of cash to banks to as much as $900 billion and is considering further steps to unfreeze short-term lending markets as the credit crunch deepens."

Reuters - "Coldwell sets 10-day price cuts to spur home sales" (10-6-08)

"One of the largest U.S. real estate brokerages on Monday said it is asking its sellers to cut listing prices by as much as 10 percent to kick-start U.S. home sales in a market plagued by a two-year price slump and near-record unsold supply. Coldwell Banker Real Estate said some 25,000 sellers listing homes with its brokers will cut prices during its first national, 10-day sales event starting on Friday that aims to lure potential buyers off the sidelines of the worst housing market since the Great Depression."

Yahoo - "Court tilts Wachovia fight toward Wells Fargo" (10-6-08)

"The battle for control of troubled bank Wachovia tilted toward Wells Fargo Sunday as a state appeals court blocked a lower court ruling that had favored rival bidder Citigroup. At stake is the $339 billion in Wachovia deposits and its network of more than 3,300 branches throughout the country that would solidify the winner as being in the top tier of U.S. retail banking."

Yahoo - "Bank of America settles suits over bad mortgages" (10-6-08)

"Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify hundreds of thousands of loans to keep people from losing their homes."

Orange County Register - "O.C. house shoppers face smallest supply in 18 months" (10-6-08)

"Orange County house shoppers had 12,940 residences listed for sale to choose from, as of last Thursday, the smallest inventory in 18 months, according to Steve Thomas of the newly renamed Altera Real Estate in Aliso Viejo."