Bloomberg - "H&R Block, Hurt by Mortgages, Posts $86 Million Loss" (6-22-07)

"H&R Block Inc., the largest U.S. tax preparer, posted a fiscal fourth-quarter loss after reducing the value of its unprofitable mortgage unit and forecasting that profit for 2008 will be less than some analysts estimated. Net loss for the quarter ended April 30 was $85.6 million, or 26 cents a share, compared with a profit of $588 million, or $1.77, a year earlier, Kansas City, Missouri-based H&R Block said today in a statement. Profit excluding the mortgage unit was $591 million, or $1.81 a share, missing the $1.88 average estimate of seven analysts compiled by Bloomberg."

The Washington Post - "Mortgage Losses Push Hedge Funds to Brink" (6-22-07)

"Two Bear Stearns hedge funds, worth more than $20 billion, teetered near collapse yesterday after absorbing major losses from investments in the subprime mortgage industry. The troubled funds, which lost a key financial backer yesterday, are the latest sign that the problems in the subprime mortgage industry are spreading across the financial markets. If the hedge funds fold and their holdings are sold off at a discount, the value of similar assets owned by other banks, hedge funds and investors also could fall."

Bloomberg - "Bank of America Report Sees Worse Mortgage Defaults" (6-22-07)

"Losses in the U.S. mortgage market may be the ``tip of the iceberg'' as borrowers fail to keep up with rising payments on billions worth of adjustable-rate loans in coming months, Bank of America Corp. analysts said. Homeowners with about $515 billion on adjustable-rate home loans will pay more this year, and another $680 billion worth of mortgages will reset next year, analysts led by Robert Lacoursiere wrote in a research note today. More than 70 percent of the total was granted to subprime borrowers, people with the riskiest credit records, they said."

The Boston Globe - "Fannie Mae investors seek compensation" (6-22-07)

"Fannie Mae investors should be entitled to about $10 billion in compensation for losses stemming from accounting manipulation at the mortgage finance company, Ohio Attorney General Marc Dann said yesterday. 'It was not until the fall of 2005 that people had an actual sense of the magnitude of the restatement,' Dann said in an interview after a hearing in US District Court in Washington. Fannie Mae, the largest source of money for US home loans, completed a restatement in December of earnings from 2001 through June 2004."

Telegraph.co.uk - "Banks fear rout on risky US bonds" (6-22-07)

"Credit markets across the world were braced for trouble last night after Merrill Lynch abandoned efforts to save two Bear Stearns hedge funds, forcing the sale of $850m (£426m) of sub-prime mortgage bonds and other assets for debt repayment. JP Morgan and other key creditors have yet to decide whether to enforce margin calls as a panic sell-off in the market for 2006-vintage mortgage securities pushes the two asset management funds towards the brink."

MSN - "The true cost of owning a home" (6-22-07)

"If you're entertaining thoughts of buying your first home now that the housing market is cooling off and prices are coming down, take note: The cost of home ownership might be a lot more than you think. I'm not talking about the down payment or monthly mortgage payments. Although buying a home is a big investment, owning one comes with a new set of expenses you may not have had while renting or living with Mom and Dad. These extras can put a strain on your daily finances if you aren't prepared."

Orange County Register - "Orange County home prices and sales" (6-22-07)

"For the 22 business days ending June 12, sales for all types of Orange County home sales decreased 30.5 percent. The median sales price decreased .8 percent. The median is where half the homes sold for more and half for less. Types of homes selling, as well as home value changes, cause the median to change."

Los Angeles Times - "Owners still upbeat about homes' value" (6-22-07)

"Slumping sales and drooping prices haven't diminished homeowner optimism about their own nest egg's value, a recent survey shows. The survey by Boston Consulting Group showed that 55% of Americans believed they could sell their house for more now than a year ago, down slightly from the 59% who felt that way last summer. Nearly three-quarters think they could sell their homes within the next six months at a price they set, and 63% believe that real estate is a good or excellent investment."

Real Estate Journal - "Real-Estate Investors Are Heading Overseas" (6-22-07)

"Investing in real estate once meant owning rental property downtown or buying shares in a U.S.-based real-estate investment trust. Today, it increasingly means putting money in a REIT trading in Singapore or buying a pied-à-terre in a refurbished medieval village in northern Italy. These days, real-estate investing is a international proposition. Nearly a score of global real-estate mutual funds have launched in the U.S. in the past two years, more than doubling in number. They now manage some $16.8 billion collectively, with more than $5.8 billion in new money flowing in this year alone, according to investment researchers Morningstar Inc."