The Library of Congress - "H.R.1427: Federal Housing Finance Reform Act of 2007"

The Washington Post - "IRS Kicks Homeowners While They Are Down" (5-23-07)

"For homeowners who are seriously delinquent on their mortgages and hoping for relief, the Internal Revenue Service has bad news: If your lender agrees to modify your loan and forgive any of your debt, you could owe federal income tax on the amount forgiven."

NAHB - "Long-Term Viability Of Affordable Housing Threatened" (5-23-07)

"Significantly increasing operating costs are putting in financial jeopardy hundreds of affordable apartment communities across the country that were built using Low Income Housing Tax Credits (LIHTC), according to a new study by the National Association of Home Builders (NAHB). Adding to the threat is a recent change in the data used by the U.S. Department of Housing and Urban Development (HUD) to calculate income limits. This change in data methods has artificially frozen both the maximum income limit requirements of eligible residents and the rents that can be charged in a large number of areas across the county. In these areas, it’s impossible to offset rising costs though increases in rents that would normally occur as the result of ordinary inflation."

CAR - "Court of Appeal rules against attorney David Barry, says claims against C.A.R. were 'fatally defective'" (5-23-07)

"The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today announced that the Court of Appeal, Fourth Appellate District, Division One has again ruled in favor of C.A.R. in its malicious prosecution complaint against attorney David Barry and plaintiff Arleen Freeman."

MBA - "Mortgage Applications Increase in Latest MBA Survey" (5-23-07)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 18, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 686.2, an increase of 1.6 percent on a seasonally adjusted basis from 675.5 one week earlier. On an unadjusted basis, the Index increased 1.4 percent compared with the previous week and was up 23 percent compared with the same week one year earlier."

The Washington Post - "House Tightens Reins on Fannie, Freddie" (5-23-07)

"Legislation to tighten federal oversight of the two biggest buyers of home mortgages, Fannie Mae and Freddie Mac, cleared the House yesterday. However, the bill could lose the support of the Bush administration because of a new provision trimming the authority of federal regulators."

CNN - "Speed of subprime bust surprises lenders" (5-23-07)

"The subprime mortgage meltdown has been a shock to industry insiders, but now they say it's hitting harder and faster than expected - even to those who predicted the crisis in the first place. That was the message Monday from a panel of leading industry executives on the state of the mortgage lending industry at the Mortgage Bankers Association's National Secondary Market Conference & Expo in New York."

MSNBC - "When it comes to houses, more are living large" (5-23-07)

"McMansions are sprouting in the suburbs of Washington and Atlanta, in southern Connecticut and out West in Utah as an appetite for bigger homes just keeps on growing. One in five American houses had at least four bedrooms in 2005. That's up from one in six in 1990, despite shrinking families and increasing costs for construction and energy."

Yahoo - "Shares of Homebuilders Jump After Treasury Secretary Says Housing Slump Mostly Over" (5-23-07)

"Shares of the nation's largest homebuilders rose Tuesday after U.S. Treasury Secretary Henry Paulson said the housing slump is near its end. In an interview on CNBC, U.S. Treasury Secretary Henry Paulson said the housing slowdown is 'largely' over and 'contained,' according to a report from Dow Jones Newswires."

MSNBC - "Brokers, bankers play subprime blame game" (5-23-07)

"The heads of trade groups representing mortgage bankers and brokers traded barbs Tuesday over who's to blame for the housing market's woes. The head of the mortgage banking industry's trade group claimed brokers profited from a home loan boom but didn't do enough to examine whether borrowers could repay."

CNBC - "Hate Writing the Mortgage Check? Charge It!!" (5-23-07)

"I love plastic. I know, I know, the petroleum issues. But today I learned one more reason to love plastic: I can pay for my mortgage with it. Yes, American Express is breaking new ground, allowing its card members to pay their monthly mortgage bills on the card. I know what you're thinking, but hold on... Amex is requiring that these be prime loans only, so you can forget that whole subprime mortgage implosion issue. And of course, they'll be charging you $395 to enroll in the program."

Palm Beach Post - "Toughen rules, say mortgage bankers" (5-23-07)

"The subprime mortgage market was spoiled by bad guys who tried to make a quick buck in an otherwise reputable business, John Robbins, president of the Mortgage Bankers Association, said Tuesday. Robbins made his comments in a speech at the National Press Club, where he called for tougher licensing standards."

floridatoday.com - "Economist says housing problems are not over" (5-23-07)

"Troubles in the housing industry are not over, although things are better in Florida than in many other markets, according to a leading economist with the mortgage agency Freddie Mac. Amy Crews Cutts, deputy chief economist with Freddie Mac, said the big problems in the industry now are the continued large supply of homes on the market and the overuse in the past year of riskier "subprime" mortgages, a good number of which went to homebuyers who shouldn't have received them in the first place."

CNN - "Retirement interrupted" (5-23-07)

"Walking along a pier in Daytona Beach with their youngest grandson on a recent Saturday afternoon, Steve and Carol Daimler stopped to see what fish the locals were catching. The fishermen wowed 10-year-old David with a big flounder they'd just landed and photos of a 500-pound, nine-foot shark they'd once caught. After a day spent playing miniature golf, eating homemade ice cream and splashing around in his grandparents' in-ground pool, David declared, 'This is the best day of my life.'"

sacbee.com - "Housing activists tour homes" (5-23-07)

"On Saturday, a few dozen protesters swept into Sorrento to remind developers about the wants and needs of those who cannot afford their half- million-dollar homes. Lennar Corporation, in partnership with AKT Development Corporation, developed the 1,015-acre Anatolia community. It comprises 14 'villages.' A sales office opened in February 2005. Prices for the village residencies range from $300,000 to $600,000. Most are sold out."

Chicago Business - "USG to cut 10 percent of salaried workforce" (5-23-07)

"Building products maker USG Corp. said Monday it is eliminating 500 jobs, or 10% of its salaried work force worldwide, as demand for its products is reduced by the housing slump. The company's employees were told about the action last week, according to a filing with the Securities and Exchange Commission."

Orange County Register - "Nearly half polled agree with Immel" (5-23-07)

"Orange County real estate broker Phil Immel recently told the Lansner on real Estate blog that 'In my opinion, only one-third of sellers are serious; one-third are testing the market; and one-third are delusional.' Here's what visitors to that blog thought of that comment, in an unscientific online poll:"