NAR - "Pending Homes Sales Index Declines While Some Regions Are Up" (7-3-07)

"Pending home sales, a forward-looking indicator, shows existing-home sales may ease but should stay fairly close to present levels in the months ahead, according to the National Association of Realtors®. The Pending Home Sales Index*, based on contracts signed in May, rose in the West and Northeast but fell in the Midwest and South. The national index stood at 97.7 in May, down 3.5 percent from a downwardly revised April index of 101.2, and is 13.3 percent lower than May 2006 when the reading was 112.7. In April, the index was 10.4 percent lower than a year earlier."

MBA - "Second Half 2006 Mortgage Originations Survey Shows Shift to Fixed Rate Products from Adjustable Rate Products" (7-3-07)

"First mortgage originations shifted dramatically to fixed rate products in the second half of 2006 from the first half of 2006 according to the Mortgage Bankers Association's (MBA's) Mortgage Originations Survey released today."

MBA - "Percentage of Subprime Loans Used by First-Time Home Buyers Up During the Second Half of 2006" (7-3-07)

"The percentage of subprime loans being used by first-time home buyers increased from 12 percent to 15 percent in the second half of 2006 according to the Mortgage Bankers Association's (MBA's) Subprime Mortgage Originations Survey released today. The percentage of subprime loans used for repeat and first-time home purchase increased from 46 percent to 47 percent."

Gold Seek - "Investment Landfill: How Professionals Dump Their Toxic Waste on You" (7-3-07)

"THIS IS NOT the idle chatter of permanent bears. The subprime mortgage collapse now hitting Bear Stearns may be just the start. Serious analysts from big investment firms are talking ominously about 'the big one'. It will make you angry to learn just how the investment industry has got you involved. If you can understand what's happening, you should have time to move. So let's get to the bottom of it now, and in plain English."

The San Diego Union Tribune - "Financial predators score with new scam" (7-3-07)

"With the housing market in decline, financial predators are finding yet another way to take advantage of people who fall behind on their payments. The schemes take various forms and often involve promises to distressed homeowners of cash upfront, free monthly rent and a chance to retain their houses in the long run. But in the process, someone else takes over the deed, borrows as much as possible against the value of the house and pockets the cash."

Yahoo - "Late Payments Up for Home Equity Loans" (7-3-07)

"Late payments on home equity loans climbed to a 1 1/2-year high in the opening quarter of this year, while delinquencies on credit card bills fell, painting a mixed picture of how people are managing their debt. The American Bankers Association, in its quarterly survey of consumer loans, reported Tuesday that late payments on home equity loans rose to 2.15 percent in the January-to-March quarter. That was up sharply from 1.92 percent in the final quarter of last year and was the highest since the late summer of 2005."

Realty Times - "Feds Issue Final Subprime Rules" (7-3-07)

"Federally regulated banks started the week with new rules governing how they write subprime loans. Critics consider the rules too-little too-late because they don't apply to mortgage brokers and lenders that are not federally regulated. Also an estimated 2 million homeowners, many of them saddled with subprime loans they can't afford, are already in or destined for the foreclosure pipeline."

Bloomberg - "U.S. Pending Home Resales Drop to Lowest Since 2001" (7-3-07)

"Americans unexpectedly signed fewer contracts to buy previously owned homes in May as buyers waited for lower prices and lenders made it harder to get mortgages. An index of signed purchase agreements, or pending home resales, dropped 3.5 percent to 97.7, the lowest level in more than five years, from a revised 101.2 in April, the National Association of Realtors said today in Washington."

Bloomberg - "Cioffi's Hero-to-Villain Hedge Funds Masked Bear Peril in CDOs" (7-3-07)

"The two hedge funds that Ralph Cioffi managed were so hot that some investors had to call a friend at his firm, Bear Stearns Cos., to get his attention. Cioffi's employer and associates, dazzled by 40 consecutive months without a loss for one of the funds, invested at least $35 million of their own money with him. Cioffi was so successful that colleagues insisted that his eight-figure compensation placed him among the highest-paid employees in 2006. Bear Stearns officials and Cioffi declined to comment."

The Seattle Times - "Debt buries mortgage lender" (7-3-07)

"In April, as he shut down the 300-employee mortgage business he'd built from scratch, Layne Sapp said he hoped to find a buyer who would resuscitate MILA. Instead, the Mountlake Terrace firm Monday asked the federal bankruptcy court to protect it from its creditors, joining scores of other lenders felled by the subprime-mortgage implosion."

Bloomberg - "United Capital's Devaney Halts Hedge Fund Withdrawals" (7-3-07)

"John Devaney, who invests in subprime mortgage bonds, halted redemptions in some of his Horizon hedge funds to cut the odds they'll be forced to dump more holdings. 'We have received an unusually high number of redemption requests,' Devaney's United Capital Markets Holdings Inc. said today in a statement. One investor wanted to withdraw about a quarter of the money-losing funds' money. The Horizon funds, which aren't being liquidated, last month sold off a 'large amount' of securities and also closed out derivative bets on subprime-mortgage bonds at a loss, the company said."

Los Angeles Times - "Cars, Trucks and Housing" (7-3-07)

"Trouble in Detroit: Auto sales in June were really bad, notably for GM (down 24% -- Ouch). What does that have to do with housing? Construction workers and home builders aren't building as many houses, so they don't need new trucks. And homeowners aren't pulling as much money out of their houses in cash-out refinancings, so they have less to spend on new cars. Bottom line: Housing is hurting the economy."

Real Estate Journal - "Wary Buyers, Lending Standards Depress Housing Market" (7-3-07)

"The National Association of Realtors' index for pending sales of existing homes decreased at a seasonally adjusted annual rate of 3.5% to 97.7 from April's 101.2, the industry group said Tuesday. Its index, based on signed contracts for used homes, was 13.3% lower than the level of 112.7 in May 2006."

Real Estate Journal - "Popular Financial Advice To Ignore for 20-Somethings" (7-3-07)

"If you're in your 20s, the world may not throw money at you -- but you'll get plenty of free financial advice. For instance, you have no doubt been told to save diligently, fully fund your employer's 401(k) plan and avoid credit-card debt. And those are all good suggestions. But there are other suggestions that aren't quite so good -- including these four popular pieces of advice."

Real Estate Journal - "Regulators Tighten Rules For Subprime-Lending" (7-3-07)

"Federal bank, thrift and credit-union regulators issued beefed-up guidelines Friday aimed at curbing weak underwriting standards for 'subprime' mortgage loans. The move was welcomed by consumer advocates, who had called for more-restrictive policies, while some in the banking industry argued that the changes could restrict many borrowers' access to credit."