NAHB - "Builders Urge Reforms To Spur Rental Housing Opportunities" (5-24-07)

"The National Association of Home Builders (NAHB) today called on Congress to enact several reforms to the Low Income Housing Tax Credit (LIHTC) program to enable more builders to invest in affordable rental housing. Testifying on behalf of NAHB before the House Ways and Means Subcommittee on Select Revenue Measures, Steve Lawson, a home builder from Virginia Beach, Va., said that the LIHTC has facilitated the construction or preservation of nearly 1.4 million homes in the past 20 years, making it the foremost tool for the production and rehabilitation of affordable housing."

Yahoo - "Home Sales Soar by Record Amount" (5-24-07)

"Sales of new homes surged in April by the biggest amount in 14 years, but the median price of a new home dropped by the largest amount on record. The mixed signals left no clear picture of whether the worst of the nation's housing slump is over. The Commerce Department reported that sales of new single-family homes jumped by 16.2 percent in April to a seasonally adjusted annual rate of 981,000 units. That was far better than the tiny 0.2 percent gain that economists had been expecting."

Yahoo - "Toll Brothers Posts Lower 2Q Profit" (5-24-07)

"Luxury homebuilder Toll Brothers Inc. said Thursday its fiscal second-quarter profit fell sharply, as the company took hefty charges to write down property values amid continued weakness in the housing market. For the three months ended April 30, net income dropped to $36.7 million, or 22 cents per share, from $174.9 million, or $1.06 per share, a year ago. The latest quarter includes writedowns of $72.9 million, or 44 cents per share, compared with just $7.3 million, or 4 cents per share in the prior-year period."

Market Watch - "Income checks needed for loans, regulator says" (5-24-07)

"Banks need to know a potential borrower's real -- not stated -- income when a subprime loan is applied for, a top U.S. banking regulator said Wednesday, as problems in the subprime mortgage market persist. 'What we need to make clear,' said Comptroller of the Currency John Dugan, 'is the principle that a lender, in underwriting a mortgage loan, must assess not just a borrower's will to make timely payments on the loan, but also his or her capacity to do so.'"

Reuters - "Ex-subprime loan officers eye booming senior market" (5-24-07)

"Jobless subprime mortgage specialists are looking for employment in the booming market for loans to senior citizens, mortgage market executives said on Tuesday. Between 12,000 to 15,000 displaced mortgage lenders may begin to seek employment in the growing market for reverse mortgages, an increasingly popular home equity loan for homeowners who are 62 years old or older, Goldman, Sachs & Co. (GS.N: Quote, Profile, Research and Wells Fargo Home Mortgage executives said at a mortgage conference."

Yahoo - "American Express to let cardholders charge mortgage payments" (5-24-07)

"You pay hundreds, sometimes thousands, of dollars on your mortgage every month. Just imagine how many rewards points that could earn on your plastic. Now, American Express is aiming to make that a reality for its cardholders. In what is considered to be a first for the credit card and mortgage industries, American Express on Wednesday said it will now allow cardholders with any of its charge or credit cards and a prime loan from American Home Mortgage to charge their mortgage payments and earn reward points for doing so."

American Chronicle - "Economic Tsunami Warning" (5-24-07)

"More than anecdotal evidence now points to an economic tsunami forming from the sub-prime mortgage meltdown “ripples” which began to register on financial seismometers 18 months ago. It's an instructive image, how a seemingly small, inconsequential thing can later, unexpectedly manifest itself in a big, deadly, destructive way."

South Florida Business Journal - "Law firm starts practice to address real estate problems" (5-24-07)

"Shutts & Bowen LLP has launched a complex loan workout practice group to focus on clients who are grappling with the effects of a slowdown in the real estate market. For the new group, the law firm said it will use lawyers from its South Florida, Tampa and Orlando offices who are experienced in the fields of bankruptcy, creditors' rights, real estate, receiverships, taxation and litigation."

NorthJersey.com - "Housing slowdown leads to job cuts" (5-24-07)

"The housing slowdown has led to thousands of job cuts, with more to come, the Mortgage Bankers Association said this week. Construction has been hit hardest, with a loss of 45,000 jobs nationwide during 2006, according to 'Trends in Housing-Related Employment,' the group's report."

Patrick.net - "NetBank Funding Exiting Wholesale Mortgage Business" (5-24-07)

"Suspension of New Registrations and Rate Locks Effective immediately, NetBank will cease accepting registrations and rate locks on new loans and rate locks on existing registered loans that are in a float status. Relocks, changes to existing locks, or extensions will not be granted."

USA Today - "Ex-FBI Director Freeh joins Fannie Mae board" (5-24-07)

"Fannie Mae (FNM), the largest U.S. mortgage finance company, said Wednesday that former FBI Director Louis Freeh will join its board of directors. Freeh will work on the board's compliance and compensation committees. He becomes the eighth new director elected to Fannie's board since 2004. Freeh was director of the Federal Bureau of Investigation from 1993 to 2001."

Bloomberg - "New York Subpoenas First American Appraisal Unit" (5-24-07)

"New York Attorney General Andrew Cuomo issued a subpoena to the real estate appraisal unit of First American Corp. in his investigation of whether mortgage brokers pressured appraisers to inflate property values. First American's eAppraiseIT LLC, which values up to 15,000 homes a year in New York, was asked for information about appraisals performed throughout the state, President Anthony Merlo Jr., said in an interview today."

Orange County Register - "Stock of Grubb & Ellis rises on news of takeover" (5-24-07)

"The stock price for Grubb & Ellis Co. jumped by more than 10 percent today on the news that a Santa Ana-based real estate investment firm will take over the commercial brokerage in a proposed merger set to close next fall. NNN Realty Advisors Inc., owner of the investment firm Triple Net Properties of Santa Ana, will end up owning 59 percent of the newly merged company and will move Grubb’s headquarters from Chicago to Santa Ana. Triple Net’s founder, Tony Thompson, will be the new board chairman of the combined entity."

Real Estate Journal - "Why a Mortgage May Be Your Best (and Worst) Move" (5-24-07)

"If mortgage debt is good debt, why are so many borrowers having such a bad time? Financial experts often tout the virtues of home loans, arguing mortgages are the cheapest money you will ever borrow. Yet many homeowners are ruing the day they took out a big loan, and some are falling behind on their payments and even losing their homes to foreclosure. As these folks have discovered, mortgages are a double-edged sword. The leverage can magnify your gains -- but it can also leave you in a nasty bind."