OC Register - "Citigroup will bankroll ACC Capital" (3-2-07)

"ACC Capital, the parent of Orange-based Ameriquest Mortgage, said Wednesday it struck a deal with New York's Citigroup Inc. to provide it with cash to keep operating and funding loans. The deal is the latest in a saga that saw ACC rise to become the nation's largest maker of loans to people with poor credit and then become the first top lender in the county to downsize amid a slowdown in home sales and price appreciation."

Bloomberg - "U.S. Regulators Urge Scrutiny of Subprime Mortgages (Update5)" (3-2-07)

"The Federal Reserve, seeking to limit defaults that have roiled the subprime mortgage-lending market, told banks to scrutinize their underwriting standards and be more transparent with customers about borrowing risks."

OC Register - "New Century cuts 300 jobs, 124 of them in O.C." (3-2-07)

"EMC Mortgage said it's opening an Irvine office and hiring 250 workers over the next 18 months."

LA Times - "Man charged with theft in home rental scheme" (3-2-07)

"A Venice man was charged Thursday in connection with a scheme in which police said he posed as a landlord, showed vacant homes in the South Bay and San Diego to prospective tenants and collected thousands of dollars in security deposits."

Reuters - "Housing sector may be hit by "piggyback" loans" (3-2-07)

"U.S. homeowners who bought using 100 percent financing, and those who took out "home equity" loans against the value of their properties, even though they have good credit ratings, could be the next to cause problems in the U.S. housing market."

Business Week - "Why Subprime Lenders Are In Trouble" (3-2-07)

"New analysis suggests that subprime lenders lowered their lending standards last year as they competed for business"

Bloomberg - "Goldman, Merrill Almost `Junk,' Their Own Traders Say (Update2)" (3-2-07)

"Goldman Sachs Group Inc., Merrill Lynch & Co. and Morgan Stanley, which earned a record $24.5 billion in 2006, suddenly have become so speculative that their own traders are valuing the three biggest securities firms as barely more creditworthy than junk bonds."

Market Watch - "Tougher subprime-lending standards urged" (3-2-07)

"Federal bank regulators demanded tougher standards for subprime loans Friday, saying they're worried that borrowers who select adjustable-rate mortgages may not understand the risks associated with them."

Market Watch - "New Century says it faces criminal probe" (3-2-07)

"New Century Financial Corp. said late Friday that it's facing a federal criminal probe and will likely breach a major lending covenant with its financial backers, bringing into question the survival of the second-largest U.S. subprime-mortgage lender."

NAHB - "Condo Builders' Confidence On The Rise" (3-2-07)

"Condo builders reported somewhat better market conditions in the fourth quarter of 2006 than in the previous quarter, according to the latest results of the National Association of Home Builders’ (NAHB) Multifamily Condo Market Index (MCMI) released today. The current-conditions index remained substantially lower than it was at the same time last year, but builders and developers are more optimistic about what they think the condo market will be doing six months out. Traffic of prospective buyers also rose slightly from the previous quarter."