NAHB - "Builders Testify Before Congress On Use Of TARP Funds" (1-13-08)

"As Congress considers releasing the second half of the Treasury’s $700 billion Troubled Asset Relief Program (TARP), the National Association of Home Builders (NAHB) today urged lawmakers to use a portion of the funds to stem the rising tide of foreclosures and increase the flow of credit for housing production. NAHB also urged passage of legislation to stimulate housing demand."

The Boston Globe - "Calif. losing golden allure" (1-13-08)

"The number of people leaving California for another state outstripped the number moving in from another state during the year ending on July 1, 2008. California lost a net total of 144,000 people during that period - more than any other state, according to census estimates. That is about equal to the population of Syracuse, N.Y."

The Washington Post - "America Hunkers Down: A Nation of Savers?" (1-13-08)

"There's evidence to suggest that more consumers are hunkering down. After hovering near zero for much of the decade, savings as a portion of disposable income rose from 2.4 percent in October to 2.8 percent in November, according to the Bureau of Labor Statistics. Also in November, auto loans, credit cards and other forms of consumer borrowing fell by $7.9 billion, the largest dollar amount since recordkeeping began, more than 50 years ago."

Bloomberg - "State Pensions’ $865 Billion Loss Affects New Workers" (1-13-08)

"State governments from Rhode Island to California have run up estimated pension-fund losses of $865.1 billion, forcing some to cut benefits for new hires. Assets for 109 state funds declined 37 percent to $1.46 trillion over the 14 months ended Dec. 16, according to the Center for Retirement Research at Boston College. The Standard & Poor’s 500 Index of stocks fell 41 percent in the period."

Bloomberg - "Hedge Funds Lost $350 Billion in 2008 Amid Global Market Rout" (1-13-08)

"Hedge funds lost $350 billion globally in 2008, the most on record, as the biggest financial crisis since the Great Depression crippled returns and caused investors to pull money out, according to an industry report. About 90 percent of the money was lost in the three months to the end of November, according to a preliminary report published today by Singapore-based data provider Eurekahedge Pte. Funds that invested in North America declined the most, posting a drop of $183 billion for the year, the report said."

Bloomberg - "Bernanke Urges ‘Strong Measures’ to Stabilize Banks" (1-13-08)

"Federal Reserve Chairman Ben S. Bernanke warned that a fiscal stimulus won’t be enough to spur an economic recovery and that the government may need to buy or guarantee banks’ tainted assets to revive growth."

Bloomberg - "Synovus, Comerica May See Commercial Real Estate Bust" (1-13-08)

"Synovus Financial Corp.,Comerica Inc. and Huntington Bancshares Inc. are among regional banks that may face a second wave of real-estate loan losses, this time for shopping centers and residential construction projects. Losses in commercial real estate excluding construction are expected to increase 10-fold, Deutsche Bank AG analyst Mike Mayo said in a Jan. 5 research note. Moody’s Investors Service said yesterday it’s considering a downgrade of Synovus because of commercial real-estate losses."

Bloomberg - "Seattle FHLB Likely Short of Capital on Mortgage Debt" (1-13-08)

"The Federal Home Loan Bank of Seattle said it will suspend dividends and 'excess' stock repurchases, becoming the second of the government-chartered lending cooperatives to say its capital may be running low. The likely capital shortfall as of Dec. 31 was caused by 'unrealized market value losses' on residential mortgage bonds without government backing, the bank said in a U.S. Securities and Exchange Commission filing today. Washington Mutual Inc. and Merrill Lynch & Co. had been the biggest stakeholders and borrowers in the Seattle Federal Home Loan Bank, or FHLB."

Orange County Register - "Only 4% of O.C. buyers using adjustable mortgages" (1-13-08)

"In November, DataQuick figures show that just 4% of the homes bought using mortgaged were financed with adjustable-rate terms on the first mortgage."

Orange County Register - "House bargains hit Villa Park" (1-13-08)

"Buyers could find more houses offered for less than$1 million – considered bargains in one of the wealthiest cities in Orange County. In 2007, just two houses were purchased for that amount. Last year, there were 14 such houses, the lowest selling for about $600,000. Higher-priced houses – those more than $2 million – are selling at a slower pace. One $2.3 million house has been on the market for more than 800 days. Of the nine sales since November, six were of foreclosed properties."

Orange County Register - "Chase halts home lending via brokers; could lay off 100" (1-13-08)

"Chase, a unit of JPMorgan Chase, said today it’s closing its unit that makes home loans via mortgage brokers and will instead focus entirely on its retail branches, including 2,200 it picked up by acquiring the assets of failed Washington Mutual. The change jeopardizes more than 100 jobs at Chase’s Orange office. That office is one of four nationwide operations centers tied to brokers, said company spokesman Tom Kelly said."