The Wall Street Journal - "House Passes Bonus Tax Bill" (3-20-09)

"The House measure was approved on a 328-93 vote and would impose a 90% surtax on bonuses granted to employees who earn more than $250,000 at companies that have received at least $5 billion from the government's financial rescue program. The bonus tax, if approved by the Senate and signed into law, would be retroactive to Dec. 31, 2008."

Yahoo - "Bernanke says must fix 'too big to fail' problem" (3-20-09)

"The United States needs a safer way to shut down large nonbank financial firms without destabilizing the entire financial system, Federal Reserve Chairman Ben Bernanke said on Friday. 'We have such a regime for insured depository institutions, but it is clear we need something similar for systemically important nonbank financial entities,' he said in prepared remarks to a community bankers convention in Phoenix."

Business Week - "How Banks Are Worsening the Foreclosure Crisis" (3-20-09)

"The bad mortgages that got the current financial crisis started have produced a terrifying wave of home foreclosures. Unless the foreclosure surge eases, even the most extravagant federal stimulus spending won't spur an economic recovery. The Obama Administration is expected within the next few weeks to announce an initiative of $50 billion or more to help strapped homeowners. But with 1 million residences having fallen into foreclosure since 2006, and an additional 5.9 million expected over the next four years, the Obama plan—whatever its details—can't possibly do the job by itself."

Bloomberg - "FTC to Draft New Curbs on Mortgage-Lending Abuse, Chairman Says" (3-20-09)

"The U.S. Federal Trade Commission will use new authority to bar lending practices by mortgage brokers who have deceived and bilked borrowers, the agency’s chairman said. A $410 billion spending package passed by Congress this month authorizes the FTC to ban abusive practices such as deceptive advertising and servicing procedures, Chairman Jon Leibowitz said yesterday in his first interview since becoming the new head of the agency."

Bloomberg - "Frank Asks Regulator to Pull Fannie, Freddie Bonuses" (3-20-09)

"House Financial Services Committee Chairman Barney Frank asked the federal regulator of Fannie Mae and Freddie Mac to cancel retention bonuses for senior executives and recoup any money that’s already been paid."

Orange County Register - "Home sales slumping in O.C. beach ZIPs" (3-20-09)

"DataQuick identified 264 homes selling in beach cities’ ZIP codes last month, -10% from a year ago. Median selling price? $693,750 in these 17 ZIPs. Last month’s median price change was -22.1% vs. a year ago."

Orange County Register - "FDIC sells most assets of failed IndyMac" (3-20-09)

"The Federal Deposit Insurance Corporation said late Thursday it closed the sale of the deposits and branches of IndyMac Bank, which it seized last year, to newly formed OneWest Bank in Pasadena. OneWest is buying $6.4 billion in deposits and $20.7 billion in assets at a $4.7 billion discount. Total cost of the takeover to the Federal Deposit Insurance Fund is estimated at $10.7 billion."

Realty Times - "Investor Report: Small Scale Investing Challenge" (3-20-09)

"Small-scale investors who own condo units are facing tougher financing challenges as the biggest players in the market are imposing new restrictions -- worse, it seems, every month. Fannie Mae and private mortgage insurers don't say it this way officially, but their actions make it clear: They don't want to finance condos in large numbers any more, and they are making it increasingly difficult for developers, unit owners and potential investors."

Realty Times - "Bond Yields Pull Long-Term Mortgage Rates Down to Near Record Lows This Week" (3-20-09)

"Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.98 percent with an average 0.7 point for the week ending March 19, 2009, down from last week when it averaged 5.03 percent. Last year at this time, the 30-year FRM averaged 5.87 percent. The 30-year FRM has not been lower since the week ending January 15, 2009, when it hit an all-time low of 4.96 percent in Freddie Mac’s weekly survey survey."