NAHB - "Fix Housing First Coalition Seeks To Revive Housing And Economy" (12-10-08)

"Fix Housing First, which consists of more than 600 organizations, home building companies and manufacturers continues to add new members on a daily basis, is pressing for a major stimulus package to stem the decline in home values, stabilize financial markets and reignite consumer demand. To get the economy moving again, the coalition is urging Congress to support enhancements to the home buyer tax credit and provide below-market 30-year fixed-rate mortgages for home purchases."

Mortgage Bankers Association - "Mortgage Applications Decrease from Thanksgiving Week in Latest MBA Weekly Survey" (12-10-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending December 5, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 796.8, a decrease of 7.1 percent on a seasonally adjusted basis from 857.7 one week earlier. On an unadjusted basis, the Index increased 32.7 percent compared with the previous week and was up 2.2 percent compared with the same week one year earlier. Most categories of the survey declined from the previous week’s results, which were adjusted to account for the shortened week due to the Thanksgiving holiday."

Bloomberg - "Money-Market Fund Yields May Fall to Less Than Zero" (12-10-08)

"Investors in money-market mutual funds that focus on U.S. Treasuries may lose money for the first time if the Federal Reserve cuts interest rates next week and yields become too small to cover expenses."

Bloomberg - "Fannie, Freddie May Waive Appraisals for Refinancings" (12-10-08)

"Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, are considering forgoing new appraisals on refinanced loans to help struggling homeowners, their regulator said."

Bloomberg - "Congressional Panel Overseeing U.S. Bailout Criticizes Treasury" (12-10-08)

"An oversight committee set up by Congress criticized the U.S. Treasury for not using the $700 billion financial bailout to help average Americans, and questioned its commitment to stem home foreclosures. The panel, which met for the first time about two weeks ago, issued a report faulting the department for not having a comprehensive plan for stabilizing financial markets and urging it to more clearly explain its efforts. The group’s chairwoman, Harvard Law Professor Elizabeth Warren, is scheduled to testify before the House Financial Services Committee today."

Bloomberg - "JPMorgan Will Offer $400,000 to Protesting Workers" (12-10-08)

"JPMorgan Chase & Co. plans to contribute $400,000 to Chicago’s Republic Windows & Doors LLC, where employees are staging a sit-in to protest the plant’s closing, U.S. Representative Luis Gutierrez said today. JPMorgan, which owns 40 percent of Republic through its Chase Capital Partners investment unit, pledged the money 'for the exclusive benefit of the plant’s workers,' Gutierrez said in a statement posted on his Web site. Thomas Kelly, a spokesman for the New York-based bank, declined to confirm the release."

Bloomberg - "American Land Lease Rises on $438 Million Buyout" (12-10-08)

"American Land Lease Inc., an owner and developer of manufactured home communities, surged in New York trading after private equity firm Green Courte Partners LLC agreed to buy the company for about $438 million."

Bloomberg - "Sterling, Wintrust Apply for Treasury Aid: Bailout Scorecard" (12-10-08)

"Sterling Financial Corp. and Wintrust Financial Corp. joined more than 170 regional lenders, insurers and financial companies in seeking Troubled Asset Relief Program funds totaling at least $74 billion, according to data compiled by Bloomberg. One hundred twenty-seven received preliminary approval for $60.4 billion, and 49 awaited word on requests totaling at least $13.8 billion."

Orange County Register - "Deadline’s today as O.C. property tax collection off $145 million" (12-10-08)

"Deadline Day! First installment of the 2008-09 property taxes are due today. And if you haven’t paid yet — you are not alone! According the the O.C. Tax Collector, with two days remaining before the deadline, collections this season were $1.67 billion — $145 million less than a year ago, or an 8% shortfall."

Orange County Register - "Most jobs safe at failed O.C. bank" (12-10-08)

"U.S. Bank plans to keep the branches and retail employees it got last month when it acquired Newport Beach-based Downey Savings and Loan after it was seized by the FDIC, said Steve Dale, a spokesman for U.S. Bank."