NAHB - "Entries Sought For National New-Home Sales and Marketing Awards" (7-16-07)

"New home sales and marketing professionals are encouraged to submit entries for the 2008 National Sales and Marketing Awards, sponsored by the National Association of Home Builders (NAHB) National Sales and Marketing Council. With 57 categories, the awards program, known as 'The Nationals,' rewards professional excellence in residential product design, marketing, interior merchandising, advertising, Web site design and both individual and team sales achievement. New residential projects with homes available for sale between Sept. 1, 2006 and Sept. 1, 2007, and individual and sales and marketing council categories covering the same time period are eligible to enter. Entrants have until Sept. 28 to submit entries. Late entries will be accepted until Oct. 12, with an additional fee."

MBA - "Fannie Mae Offers Gudiance on Collateral Valuation Practices and Declining Markets" (7-16-07)

"An accurate value for the property securing a mortgage loan is important in all markets, but the value becomes difficult to evaluate when the subject subject real estate market is experiencing a decline in property values (“declining market”). Recent trends indicate that certain markets are experiencing a decline in property values. One of the potential problems in a declining market is the overstatement of property values in appraisal reports. This may result in the borrower not having an accurate property valuation, and overvaluation of a property could result in increased loan losses should the mortgage loan subsequently default."

Credit Flux - "Mutual funds are taking on subprime risk, reports WSJ" (7-16-07)

"The Wall Street Journal has reported that mutual funds have been investing in assets affected by the subprime mortgage meltdown. According to the report, a number of funds have bought into high-rated slices of CDOs and other subprime mortgage-backed securities. Some of the biggest holders include the $257 million Franklin Strategic Mortgage Portfolio and $929 million Franklin Total Return Fund, says WSJ. The two funds hold about 19% and 17% of their assets, respectively, in securities tied to subprime mortgages. The $2.4 billion Principal Investors Bond & Mortgage Securites fund and $113 million Schroder Enhanced Income Fund each hold about 15%."

Bloomberg - "KKR Cancels $1.4 Billion Loan to Refinance Maxeda LBO" (7-16-07)

"Kohlberg Kravis Roberts & Co. canceled plans to raise 1 billion euros ($1.4 billion) of loans for Dutch retailer Maxeda BV as investors shun high-yield debt. More than 20 financing deals have been postponed or restructured in the past three weeks as losses from the U.S. subprime mortgage rout rattled investor confidence. New York- based KKR is trying to raise 9 billion pounds ($18 billion) this week to finance its takeover of Nottingham, England-based drugstore chain Alliance Boots Plc."

Bloomberg - "Stocks in U.S. Poised for 10 Percent Drop, Options Bets Show" (7-16-07)

"Bets in the options market against the Standard & Poor's 500 Index have exceeded wagers it will rise by a 2-to-1 margin for a month, the longest since Bloomberg began compiling the data in 1995. That's seen as a warning sign the market is due for a decline of 5 to 10 percent after the S&P 500 rose to two records last week, say managers of almost $1 trillion at Morgan Stanley Global Wealth Management, National City Private Client Group and Russell Investment Group. The Leuthold Group, whose flagship fund has beaten 99 percent of similar funds over the last five years, expects the S&P 500 to slide as much as 19 percent by the end of the year."