Wall Street Journal - "Citi to Allow Jobless to Pay Less on Loans" (3-3-09)

"Citigroup Inc. announced Tuesday a new program aimed at addressing the latest challenge facing the mortgage industry: unemployed homeowners. Under the program, Citigroup will temporarily lower mortgage payments to an average of $500 a month for certain borrowers who have recently lost their jobs and are at least 60 days behind on their mortgage payments. Borrowers will be allowed to make the lower payments for three months. Citigroup will waive interest and penalties during this period."

NAR - "Pending Home Sales Down but Housing Affordability at Record" (3-3-09)

"The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in January, fell 7.7 percent to 80.4 from a downwardly revised reading of 87.1 in December, and is 6.4 percent below January 2008 when it was 85.9. The index is at the lowest level since tracking began in 2001, when the index value was set at 100."

Bloomberg - "Bernanke Says U.S. May Need to Expand Bank Rescue" (3-3-09)

"Federal Reserve Chairman Ben S. Bernanke said policy makers may need to expand aid to the banking system beyond the $700 billion already approved and take other aggressive measures even at the cost of soaring fiscal deficits."

Bloomberg - "General Growth Said to Get Mall Bids of $400 Million" (3-3-09)

"General Growth Properties Inc., the mall owner at risk of bankruptcy, received offers of almost $400 million for properties including Boston’s Faneuil Hall and New York’s South Street Seaport, according to a person familiar with the matter."

Bloomberg - "Cram-Down Mortgage Bill Compromise Likely, Hoyer Says" (3-3-09)

"Mortgage 'cram-down' legislation that stalled in Congress last week will likely be changed to add requirements for homeowners to exhaust all options before they could use bankruptcy to reduce their loan payments, House Majority Leader Steny Hoyer said."

Orange County Register - "Fannie and Freddie forever" (3-3-09)

"The New York Times reports lawmakers and executives of mortgage giants Fannie Mae and Freddie Mac are quietly coming to realize those companies will never return entirely to private hands."

Orange County Register - "$1 trillion in lending could result from new program, Fed says" (3-3-09)

"The Federal Reserve said today it launched a program to boost loans to consumers and small businesses by as much as $1 trillion by supporting investors in loans to them. The program, known as the Term Asset-Backed Securities Loan Facility, or TALF, has been planned for months."