The Wall Street Journal - "U.S. Eyes Plan to Life Home Sales" (12-3-08)

"The Treasury Department is considering a plan to revitalize the U.S. home market that would push down interest rates for loans to purchase a home, according to people familiar with the matter. The plan, which is in the development stage, would temporarily use the clout of mortgage giants Fannie Mae and Freddie Mac to encourage banks to lend at rates as low as 4.5%, more than a full point lower than prevailing rates for standard 30-year fixed-rate mortgages."

Mortgage Bankers Association - "Mortgage Applications Surge with Large Drop in Rates in Latest MBA Weekly Survey" (12-3-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 28, 2008, which was a shortened week due to the Thanksgiving holiday. The Market Composite Index, a measure of mortgage loan application volume, was 857.7, an increase of 112.1 percent on a seasonally adjusted basis from 404.4 one week earlier. On an unadjusted basis, the Index increased 51.4 percent compared with the previous week and was down 21.9 percent compared with the same week one year earlier."

Bloomberg - "Fed’s Kroszner Says Foreclosures Harming Middle-Income Areas" (12-3-08)

"Many middle-income neighborhoods in the U.S. are suffering from home foreclosures and may fall into low-income status, Federal Reserve Governor Randall Kroszner said."

Orange County Register - "Traders see LA/OC home prices falling 18% more" (12-3-08)

"Traders making commodity-like bets on future home pricing are sticking to a harsh outlook that the LA/OC market will be further smacked by losses through November ‘09."

Orange County Register - "JPMorgan eliminating 570 jobs in O.C." (12-3-08)

"JPMorgan on Monday gave 60-day notice to 250 employees in and around the Irvine office campus of Washington Mutual and asked 321 to stay on temporarily as part of a transition team. Those who stay on temporarily, possibly until late 2009, will get double pay, said Gary Kishner, a company spokesman. He said 1,350 employees will remain in Orange County after the cuts."