MBA - "Federal Regulators Propose Illustrations of Consumer Information to Support Their Statement on Subprime Mortgage Lending" (8-14-07)

"The federal financial regulatory agencies today issued proposed illustrations of consumer information for certain adjustable-rate mortgage (ARM) products described in the agencies’ Statement on Subprime Mortgage Lending (Subprime Statement), effective July 10, 2007. The Subprime Statement recommends communications that ensure consumers have clear, balanced, and timely information about the relative benefits and risks of certain ARM products. The illustrations are intended to assist institutions in providing this information."

MBA - "MBA Calls on OFHEO to Allow GSEs More Room to Help Markets" (8-14-07)

"The Mortgage Bankers Association (MBA), the National Association of Home Builders (NAHB) and the National Association of Realtors (NAR) today sent a letter to the Office of Federal Housing Enterprise Oversight (OFHEO) urging them to take action to temporarily increase the caps on the investment portfolios of Fannie Mae and Freddie Mac (the GSEs), with appropriate controls, to help inject needed liquidity and stability into the mortgage market."

MBA - "Jan Sternin Joins MBA as Senior Vice President of Commercial/Multifamily" (8-14-07)

"The Mortgage Bankers Association (MBA) announced the appointment of Jan Sternin as Senior Vice President of Commercial/Multifamily. In her new role, Jan will manage the Commercial/Multifamily Group as it serves the needs of the Association's members engaged in commercial/multifamily real estate finance. These needs are met through coordination of education, communication, lobbying, and research activities, in concert with other business groups. She will be directly responsible for the development and implementation of regulatory policy, best practices and industry standards for the commercial/multifamily sector and will serve as the communication conduit to MBA's commercial/multifamily membership. Jan assumes the position previously held by Gail Davis Cardwell."

Yahoo - "Foreclosures: Hardest hit ZIP codes" (8-14-07)

"For sheer volume, housing foreclosures across the nation appear to be moving from the Rust Belt to the Sun Belt. A study for CNNMoney.com by RealtyTrac, an online marketer of foreclosure properties, showed that 139 of California's ZIP codes fell within the top 500 for total foreclosure filings in the United States. The next highest count for any state is less than half that at 72 and is in another sun-belt state - Florida."

Orange County Register - "O.C. home-buying slump equals '89-'91 decline" (8-14-07)

"The streak goes on. DataQuick reports today that July marked the 22nd straight month that O.C. home shoppers bought fewer homes than the year-ago period. (O.C. buyers snapped up 2,391 local homes in July, or 43.5% below the 20-year average!) This selling slump ties a similar streak from July 1989 to March 1991 for the longest sales drought in the 20 years of DataQuick sales figures. As for prices, last month's median was unchanged from July 2006 at $640,000. In mid-July, the median price had flirted with besting the full-month record high of $645,000 set in June."

Los Angeles Times - "Southland home sales slow again, but prices are steady" (8-14-07)

"Would-be home buyers continued to sit on the sidelines last month, driving down Southern California home sales to their lowest pace in 12 years and pressing down prices in the region's less-expensive neighborhoods, data released today showed. Yet even as home sales fell 27% regionwide, the median price of all homes sold in the Southland's six counties rose 3.7%, to $505,000, in July compared to a year ago, thanks to more robust sales at the high-end of the market, according to real estate research firm DataQuick Information Systems."

Real Estate Journal - "Late on Your Mortgage? How to Keep Your Home" (8-14-07)

"As a growing number of borrowers fall behind on their mortgage payments, the smartest move they can make is to contact their lender, mortgage-industry experts and consumer advocates say. These days, there's more incentive for companies to work with borrowers to avoid foreclosure: Regulators and lawmakers, prompted by troubles in the mortgage market, are encouraging companies to assist troubled borrowers."