Monday, November 10, 2008

KNX Radio - "California City Files For BK" (11-10-08)

"The city of Vallejo filed for bankruptcy protection Friday to deal with a ballooning budget deficit caused by soaring employee costs and declining tax revenue. The San Francisco Bay area suburb of about 120,000 residents became the largest California city to seek bankruptcy protection."

The San Diego Union Tribune - "Bank of America assumes $16.6 billion Countrywide debt" (11-10-08)

"Bank of America Corp said Monday it had agreed to assume $16.6 billion of debt and guarantees of Countrywide Financial Corp, which it acquired in July. Bank of America, the third-largest U.S. bank by assets, said the assumption was in connection with the transfer to it on Friday of substantially all assets and operations of Countrywide and its Countrywide Home Loans unit. It disclosed the matter in a regulatory filing."

Yahoo - "The Best Places to Raise Your Kids 2009" (11-10-08)

"Once again working with OnBoard Informatics, a New York-based provider of real estate analysis, we selected towns with at least 50,000 residents and a median family income between $40,000 and $100,000. We then narrowed the list of towns using the following weighted criteria: school performance; number of schools; household expenditures; crime rates; air quality; job growth; family income; museums, parks, theaters, and other amenities; and diversity"

Yahoo - "Fannie Mae posts $29B loss, may tap gov't funding" (11-10-08)

"Fannie Mae on Monday posted a $29 billion loss in the third quarter as it took a massive tax-related charge, and said it may have to tap the government's $100 billion lifeline in the coming months."

Bloomberg - "Housing Agency Freezes National Conforming Loan Limit" (11-10-08)

"The Federal Housing Finance Agency said it will lower the size of so-called jumbo conforming mortgages that can be purchased by Fannie Mae and Freddie Mac and freeze the national cap for standard conforming loans."

Bloomberg - "U.S. Treasury to Buy $40 Billion AIG Preferred Shares" (11-10-08)

"The U.S. Treasury will buy $40 billion in American International Group Inc. preferred shares, and the Federal Reserve will open two new emergency loan units to finance the company's securities, the government said today."

Bloomberg - "Developers, Kimco Drop After Circuit City Bankruptcy" (11-10-08)

"Developers Diversified Realty Corp., Kimco Realty Corp., General Growth Properties Inc. were among retail landlords that fell in New York trading after Circuit City Stores Inc. filed for Chapter 11 bankruptcy protection."

Orange County Register - "September surprise … mortgage jobs increased" (11-10-08)

"National Mortgage News reported Friday that mortgage companies hired a net of 2,900 full-time workers in September, even as companies in all industries cut 284,000 workers."

Orange County Register - "O.C. home buyers tap FHA financing" (11-10-08)

"We should thank Uncle Sam, including its Federal Housing Administration insurance program, for the surge in recorded sales in September, deals that likely entered into escrow in July or August. DataQuick previously said sales of 2,667 houses and condos were recorded in September, up 62% from a year ago — the biggest year-over-year gain in DataQuick’s 20-year history."

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