CNN - "Schumer wants aid for subprime borrowers" (5-5-07)

"Community groups that help subprime borrowers try to save their homes from foreclosure would receive $300 million in aid under legislation introduced by Democratic Senator Charles Schumer Thursday. The infusion of federal money would help consumer groups reach out to troubled borrowers and, in some cases, provide new financing directly."

Bloomberg - "Subprime Won't Be `Anchor' to Economy, Buffett Says" (5-5-07)

"The subprime mortgage crisis won't be 'any huge anchor' to the economy, though lenders and borrowers will have 'plenty of misery,' Berkshire Hathaway Inc. Chairman Warren Buffett said today. 'It will be a very big problem for those involved, but I think it is unlikely that factor alone triggers anything in the larger economy,' Buffett, 76, said at the company's annual shareholder meeting in Omaha, Nebraska. The prediction assumes unemployment doesn't increase 'significantly' and interest rates don't go up 'dramatically,' he said."

The Market Oracle - "Dump REITs - An early heads up on another Important US real estate trend!" (5-5-07)

"Mike Larson writes: You want to know how to make big money in the markets? Be early. By picking up on a trend in its infancy, you're able to position your portfolio for the day when that trend explodes onto the front pages of the nation's business sections. Then, when mainstream investors pile in, you'll be there to sell to them."

AOL Money & Finance - "As market cools, home buyers seek a way out by suing builders" (5-5-07)

"In the latest fallout from the housing market's decline, disputes are breaking out between builders and buyers who signed contracts for new homes and condos when the market was hot - and now want to get out of them. Even as many of the new buildings are completed, buyers are filing lawsuits claiming they were duped into purchases they couldn't afford, or victimized through fraudulent investment schemes. Some are scrutinizing their contracts looking for loopholes, or searching out tiny flaws in finished homes that might allow them to back out without losing their deposits."

Yahoo - "GM profit plunges after housing finance loss" (5-5-07)

"General Motors Corp. (NYSE:GM - news) on Thursday reported a 90 percent drop in first-quarter earnings, missing Wall Street estimates by a wide margin, as mortgage-related losses at its GMAC affiliate swamped gains in its main business. GM Chief Financial Officer Fritz Henderson said weaker GMAC results were the major reason earnings missed even the lowest of Wall Street expectations."

Orange County Register - "Private mortgage insurance regains popularity" (5-5-07)

"Private mortgage insurance is making a comeback. Until six or eight months ago, private mortgage insurance was out of favor as people eager to get into the roaring housing market took adjustable-rate mortgages or "piggyback" loans or some other exotic form of financing."