MSNBC - "Baby boomers going bankrupt at faster rate" (4-27-07)

"Americans over the age of 55 are filing for bankruptcy at a faster rate than the general population as growing mortgage debt and higher health care costs make them more vulnerable, a new study shows. The trend of rising bankruptcies among older Americans is likely to continue for the foreseeable future, according to the study’s authors, John Golmant and Tom Ulrich, researchers at the Administrative Office of the U.S. Courts."

Bloomberg - "U.S. Economy: Growth Slows to Least in Four Years" (4-27-07)

"The U.S. economy grew last quarter at the slowest pace in four years because of the housing slump and a bigger trade deficit, leaving consumer spending to keep the expansion alive. The 1.3 percent annual growth rate was less than forecast and followed a 2.5 percent fourth-quarter pace, the Commerce Department reported today in Washington. A measure of inflation watched by the Federal Reserve rose at a faster pace."

CNN - "Mortgages that put you in charge" (4-27-07)

"Usually, when borrowers want to restructure their mortgages - go from a fixed-rate to a variable rate, for example - they have to refinance, an onerous, expensive process. There are new closing cost, legal fees and title search and insurance fees that could add thousands of dollars to the mortgage principals. But the new product from Washington Mutual (Charts, Fortune 500) (WaMu), called Mortgage Plus, gives customers the ability to switch the type of loan they have without going through a refinance."

CNN - "Housing vacancies hit record high" (4-27-07)

"In the latest sign of weakness in the housing market, there are now a record number of homes sitting vacant and for sale in the United States, and the percentage of Americans owning a home has slipped slightly. A Census Bureau reported Friday that there are were a record 2.18 million homes for sale in the first quarter, which were not occupied, up 4 percent from the record levels seen in the fourth quarter, and up 38 percent from year earlier levels."

Market Watch - "Realty Q&A: What to do if you think your appraisal is lowball" (4-27-07)

"AVMs, or automated valuation models, are good enough to give lenders a 30,000-ft. view of local housing values, especially when they are lending only 75% or so what they house is really worth. But they just won't do on a house-by-house basis when lenders are putting up 95% or more of the home's value. Whether or not you are seeking a home-equity loan or a primary mortgage, if your lender is relying on an AVM, ask to have your place valued by a human being who actually looks at your specific house, compares it to others in the neighborhood, checks out the community and does all the things an appraiser is supposed to do. In most cases, lenders will bow to your wishes, especially if you are willing to write the check to cover the several hundred dollars a full appraisal will cost."

MSN - "Rising foreclosures have widespread fallout" (4-27-07)

"The number of foreclosure filings -- from default notices to repossessions -- continued to surge in March, increasing 47% from the same period a year earlier and 7% from February. The 149,150 filings represent a foreclosure rate of one in every 775 households, according to Irvine, Calif.-based RealtyTrac. The March increase in foreclosures bucks the historical trend, lenders say. Typically, foreclosure activity declines in March, as more homeowners use tax refunds to bail themselves out of mortgage shortfalls caused by job loss, health problems or divorce."

World Net Daily - "U.S. economy poised for nose dive" (4-27-07)

"As the dollar sinks to near-record lows against the euro and the British pound, the stock market has returned to record highs, but investors are being advised to anticipate a worldwide downturn and the U.S. economy may have already entered a recession."

Bloomberg - "Homebuilders May Break Loan Covenants, Moody's Says" (4-27-07)

"U.S. homebuilders are in jeopardy of violating their lending agreements in coming months because of a drop in sales, according to Moody's Investors Service. More than half, or 11, of the 21 builders that Moody's rates failed to generate more cash than they spent in 2006, analyst Joseph Snider in New York said in a report today. Homebuilders often have to promise banks that they will have twice as much operating revenue as interest expenses over a given time or the bank can demand immediate repayment of a loan, Snider said."

Sun-Sentinel - "BankAtlantic's 1Q profits drop amid rise in troubled real estate loans" (4-27-07)

"BankAtlantic Bancorp. first-quarter profits dropped as the bank reported a sharp rise in troubled real estate loans. The bank said earnings fell to 9 cents a share or $5.7 million compared to 10 cents a share or $6.5 million in the three months ended in March. The company recorded a loss from continuing operations of $2.2 million compared to income from continuing operations of $8 million for the first quarter of 2006."

People's Daily Online - "California becomes U.S. largest state in foreclosure fillings" (4-27-07)

"California became the biggest state in the United States in terms of foreclosure fillings, taking up about 18 percent of the national total, according to figures released on Wednesday. The state reported 80,595 first-quarter foreclosure filings, numerically more than any other state, said RealtyTrac which provided the figures."

Seeking Alpha - "Selling Your Credit Score" (4-27-07)

"When your credit scores don't qualify you for the home mortgage you want, where do you turn? That's an especially timely question now, as banks and mortgage companies tighten underwriting standards for applicants with less than perfect credit. But federal and state authorities fear that some borrowers are turning to a fast-growing business on the Internet: companies that claim to boost credit scores by transplanting the credit DNA of people with excellent payment histories into the credit files of people with subpar histories -- ostensibly without breaking any law."

Mortgage Bankers Association - "Ginnie Mae Allows Zero Day Delay Fixed Rate Securities" (4-27-07)

"Ginnie Mae announeces that effective for transactions with a closing date of May 30, 2007, and thereafter, Ginnie Mae will permit Fixed Rate bonds to be structured as Zero Day Delay classes for REMIC transactions. Currently, Ginnie Mae permits only Floating Rate and Inverse Floating Rate bonds to be structured as Zero Day Delay classes for REMIC transactions. This enhancement will improve the marketability of Ginnie Mae Multiclass securities and increase the investor base for these securities."

Orange County Register - "Wells Fargo settles suit over subprime practices" (4-27-07)

"The company said it pledges to continue for three years certain improvements it had already put into practice and to enact a default relief program for qualifying class members. The relief program earmarks $2.4 million to provide relief to qualifying class members whose loans have become more than 60 days delinquent, and up to $4.4 million for cash payments to class members who submit claims. Class members are certain California customers who entered into real-estate-secured loans with Wells Fargo Financial between Dec. 18, 1999, and Nov. 20, 2005. The Association of Community Organizations for Reform Now, a party to the suit, had alleged that the company failed to adequately disclose points and prepayment penalties and inaccurately reported the loan balances of some California customers to credit reporting agencies."

LA Times - "Earnings fall at 2 mortgage firms but loan standards rise" (4-27-07)

"Profit fell 37% at Countrywide, the nation's No. 1 mortgage lender, mainly because of problems with sub-prime loans to customers with shaky credit, heavy debt loads or other financial risks. Earnings dropped 34% at IndyMac, a Countrywide spinoff that specializes in borrowers a notch above sub-prime who can't get the cheapest prime loans. But both companies have tightened their lending standards amid rising delinquencies. Countrywide's earnings report, in particular, provided details about how the riskiest sorts of sub-prime loans have become all but extinct."