NAR - "Realtors® Urge Congress to Increase FHA Funding" (1-9-08)

"FHA’s market share has increased from a low of 2 percent in 2006 and is expected to grow to over 30 percent in 2009. FHA loans are rapidly becoming the only source of funding for many consumers, particularly those who are first-time home buyers and borrowers with low downpayments or less than perfect credit."

The Boston Globe - "Banks' mortgage rates fall below 5%" (1-9-08)

"JPMorgan Chase & Co. is advertising 30-year mortgages as low as 4.75 percent on its website, Wells Fargo & Co. has an offer for 4.875 percent, and Bank of America Corp. has rates at 5 percent. The offers are for borrowers with excellent credit who put 20 percent down."

The Washington Post - "Lenders Backlogged By Refinancing Rush" (1-9-08)

"Bank of America, which started shedding 7,500 employees after its July merger with Countrywide, recently yanked 300 workers from its home equity line department to help deal with refinancing requests, said Matt Vernon, the bank's national sales executive"

Bloomberg - "Congressional Panel Blasts U.S. for Failing to Aid Homeowners" (1-9-08)

"The panel set up by Congress to oversee the U.S. Treasury’s $700 billion financial markets rescue criticized the Bush administration for failing to stem mortgage foreclosures while bailing out banks. The Congressional Oversight Panel, headed by Harvard Law Professor Elizabeth Warren, also said a lack of transparency about the fund 'erodes the very confidence' the program is supposed to restore. The group reiterated criticisms of Treasury Secretary Henry Paulson’s shifting strategy for the Troubled Asset Relief Program."

Bloomberg - "Paulson Bailout Didn’t Give Taxpayers Buffett’s Terms" (1-9-08)

"The Treasury secretary has made 174 purchases of banks’ preferred shares that include certificates to buy stock at a later date. He invested $10 billion in Goldman Sachs in October, twice as much as Buffett did the month before, yet gained warrants worth one-fourth as much as the billionaire, according to data compiled by Bloomberg. The Goldman Sachs terms were repeated in most of the other bank bailouts."

Bloomberg - "U.S. Economy: 2008 Payrolls Drop Biggest Since 1945" (1-9-08)

"The U.S. lost more jobs in 2008 than in any year since 1945 as employers fired another 524,000 people in December, indicating a free-fall in the economy just days before President-elect Barack Obama takes office."

Bloomberg - "Mortgage Servicing Loses Luster as Bad Loans Mount" (1-9-08)

"Bank of America Corp., GMAC LLC, and WL Ross & Co. are among mortgage servicers that have endured billions of dollars in unexpected costs and added thousands of workers to handle rising foreclosures, denting a business once viewed as a safe haven from the housing market’s collapse. Loan servicers send out bills, collect debts and keep records, tasks that analysts predicted would provide a steady stream of fees even if home sales dropped. The companies didn’t count on the U.S. push to modify up to 2 million defaulted home loans, and contracts that require them to cover mortgage investors when homeowners miss payments."

Bloomberg - "KB Home Drops as Builder's Loss Exceeds Estimates" (1-9-08)

"KB Home, the fourth-largest U.S. homebuilder, reported a fourth-quarter loss exceeding analysts' estimates, sending shares down as much as 14 percent as the company predicted more pain for the housing market in 2009. The builder had a net loss of $307.3 million, or $3.96 a share, compared with a median estimated loss of $96.9 million, or $1.19 a share, by 10 analysts in a Bloomberg survey. The loss narrowed from $772.7 million, or $9.99 a share, a year earlier, Los Angeles-based KB Home said today in a statement. Revenue fell 56 percent to $919 million."

Bloomberg - "Lennar Declines After Minkow Alleges ‘Ponzi Scheme’" (1-9-08)

"Lennar Corp., the third-largest U.S. builder by market value, fell as much as 28 percent in New York trading after Barry Minkow’s Fraud Discovery Institute alleged that the company operates joint ventures “like a Ponzi scheme.” Lennar denied the allegations"

Bloomberg - "Frank Says Obama Backs $729,750 Fannie, Freddie Limit" (1-9-08)

"President-elect Barack Obama agreed with House Democrats to increase the limit on loans Fannie Mae and Freddie Mac can purchase back to $729,750 in high-cost areas, House Financial Services Chairman Barney Frank said."