NAR - "Realtors® Continue Push for Comprehensive Housing Strategy" (1-16-08)

"NAR expressed support for Chairman Barney Frank’s, D-Mass., proposal, H.R. 384, the TARP Reform and Accountability Act, introduced last week. This bill contains key components of NAR’s Housing Stimulus Plan, including enacting a mortgage buy-down program to reduce interest rates below prevailing rates, increasing foreclosure prevention and mitigation efforts, and providing needed liquidity to the residential and commercial mortgage markets to ensure that financing is available. 'We also applaud the chairman’s efforts to strengthen accountability and increase transparency in the use of TARP funds,' McMillan said."

Yahoo - "Inflation slows to half-century low in 2008" (1-16-08)

"Inflation slowed to a half-century low last year and industrial output fell for the first time since 2002, data showed on Friday, as the recession deepened toward year-end, raising the specter of deflation.With consumer confidence remaining at depressed levels, the reports suggested the economy could take longer to pull out of a downturn that is on track to be the longest and possibly deepest since World War Two"

Washington Post - "Multiple Applications for Mortgages" (1-16-08)

"As mortgage interest rates continue falling to new lows, a growing number of borrowers are applying to more than one lender to increase their chances of getting approved for refinancing. Anecdotal evidence suggests that only about half of the borrowers trying to refinance are getting approved, down from 60 to 70 percent during previous refinancing booms, said Doug Duncan, chief economist at mortgage financier Fannie Mae. As a result, borrowers are getting frustrated and anxious."

Bloomberg - "GE Capital May Cut as Many as 11,000 Jobs This Year" (1-16-08)

"General Electric Co.’s finance arm may cut 7,500 to 11,000 jobs, or at least 10 percent of its workforce, because of the global financial slump, people familiar with the company’s plans said."

Bloomberg - "Bank of America Slides After Quarterly Loss, Bailout" (1-16-08)

"Bank of America Corp., the largest U.S. bank by assets, slid 14 percent in New York trading after posting its first loss since 1991 and receiving emergency government funds to ease the acquisition of Merrill Lynch & Co."