CBIA - "New-Home Sales Still Historically Slow in February, CBIA Announces" (4-14-09)

"The pace of home sales at California new-home communities continued to be historically slow during February but at least showed a modest improvement over January, the California Building Industry Association reported today. But Robert Rivinius, CBIA’s President and CEO, said he is confident March sales figures will show a significant increase due to the landmark California tax credit for new-home buyers that went into effect at the beginning of the month."

Wall Street Journal - "Older Borrowers, Out in the Cold" (4-14-09)

"As the government presses lenders to modify mortgages, a large subset of distressed borrowers is being left out: older homeowners on low fixed incomes. Many of them are now facing foreclosure, say legal-aid advocates and AARP attorneys, because they were sold loans they could never afford, often fraudulently."

Bloomberg - "Bernanke Sees Signs U.S. Contraction May Be Slowing" (4-14-09)

"Federal Reserve Chairman Ben S. Bernanke said there are signs that the 'sharp decline' in the U.S. economy is slowing, indicating a potential 'first step' toward a recovery from the worst recession in a generation."

Bloomberg - "Fed Economists Say Mortgage Changes May Not Stem Foreclosures" (4-14-09)

"Job losses and falling home prices have a bigger impact on delinquencies than mortgage terms, and modifications aren’t necessarily a better deal for investors than foreclosures, according to a paper by two current and one former economist at the Boston Fed Bank and one Atlanta Fed researcher."

Bloomberg - "GE’s 72% Post-Sherin Bounce Shifts Focus to Industrial Profit" (4-14-09)

"General Electric Co.’s 72 percent stock surge since Chief Financial Officer Keith Sherin went on television to debunk fears of a GE Capital 'time bomb' adds pressure on non-financial units to deliver profits this week."

Bloomberg - "Say Good-Bye to Fannie, Freddie as Housing Woes Wreck Status" (4-14-09)

"Say good-bye to Fannie and Freddie as you know them. The bailed-out mortgage finance companies will emerge from their travails combined as one, broken up or with substantially reshaped missions, according to U.S. lawmakers and analysts."