Financial News Online - "Alt-A mortgage pricing points to spread of sub-prime woes" (4-9-07)

"Trading volumes of Alt-A mortgages, which are considered less risky than the US sub-prime sector, have hit a wall in the past month as banks reported problems selling the loans in the secondary market."

CS Monitor - "Foreclosure's shadow falls across diverse set of US homeowners" (4-9-07)

"At the housing boom's peak in 2005, 20 percent of new mortgage loans were subprime, four times the share a decade earlier."

Inman - "Mortgage lenders, builders pick up pace of job cuts" (4-9-07)

"Real estate firms cut jobs during the first quarter at the same pace as last year, but job losses in the mortgage lending industry nearly doubled for the period, according to a consulting firm that helps workers find new jobs. Announced job cuts in the real estate industry totaled 1,149 during the first quarter, about the same as the 1,152 tracked during the same quarter of 2006 by Challenger, Gray & Christmas Inc., a New York-based outplacement job consulting firm. There were 3,490 announced job cuts in real estate in 2006, Challenger said in an April 4 report."

"Mortgage lenders announced 6,138 job cuts in the first quarter of 2007, compared with 3,497 in the same period last year, the report said. There were 12,874 announced job cuts in mortgage lending last year."

"Announced job cuts in housing construction totaled 13,958 during the first quarter -- more than double the 6,450 positions eliminated in all of 2006."

"Announced first-quarter job cuts in all three housing related industries -- real estate, mortgage lending and construction -- totaled 21,245, rivaling the 22,814 jobs lost in all of 2006, the report said."


CNN - "Subprime blame game" (4-9-07)

"Some 2.4 million homeowners are in danger of losing their homes, many because of bad subprime loans. Critics are pointing their fingers at who is responsible - here are the main targets."

NAR - "NAR Urges HUD to Revamp FHA Program to Help People Stay in Their Homes" (4-9-07)

"In light of the many families being affected by negative subprime mortgages, the National Association of Realtors® encouraged the Department of Housing and Urban Development to act quickly to change the FHA mortgage insurance program to enable more homeowners and their families to keep their homes."

Reuters - "American Home Mortgage sinks on lower outlook" (4-9-07)

"American Home Mortgage Investment Corp. (AHM.N: Quote, Profile, Research) shares sank as much as 18.2 percent on Monday after the company slashed its dividend and 2007 profit forecasts, and several analysts downgraded its stock."

The Tribune - "Local foreclosures on the rise, so far" (4-9-07)

"Whether they’re first-time home buyers or investors, more San Luis Obispo County property owners are facing foreclosure, according to local real estate experts. For the first three months of this year, 215 notices of default — the first step in the foreclosure process — were sent to homeowners, up from 99 in the same period a year ago, according to All American Foreclosure Service, a San Luis Obispo firm that tracks foreclosures in the county."

The Jounral Gazette - "Housing analysts forecast gloomy spring" (4-9-07)

"Signs of a sobering slowdown emerged throughout March, ranging from gloomy forecasts among homebuilders to a growing number of high-risk borrowers struggling to make payments on exotic mortgages they probably couldn’t afford in the first place. The latest flare came less than two weeks ago as Lennar Corp., one of the nation’s largest homebuilders, reported a 73 percent drop in its first-quarter profit and warned that its results for the remainder of the year won’t live up to previous expectations."