Yahoo - "Freddie Mac Pays $50M to Settle Charges" (9-28-07)

"Freddie Mac, the nation's second-largest financer of home mortgages, is paying a $50 million fine to settle civil securities fraud charges brought by federal regulators in a four-year accounting lapse. In addition, four former executives at the government-sponsored company settled negligent conduct charges by agreeing to pay a total of $515,000 in civil fines and to make restitution totaling $275,548. They are former president and chief operating officer David Glenn, ex-chief financial officer Vaughn Clarke, and former senior vice presidents Robert Dean and r Dossani."

The San Diego Union Tribune - "S.D. economic forecast looks 'pretty bad'" (9-28-07)

"San Diego County's leading economic indicators took a sharp plunge in August, signaling that the county faces its greatest threat of recession in half a dozen years, according to a report released yesterday by the Burnham-Moores Center for Real Estate at the University of San Diego."

Bloomberg - "Bank Credit Risk Rises Amid Concern Over Money Market Funding" (9-28-07)

"Bank credit risk rose amid renewed concern lenders are having difficulty raising funds in the money markets, according to traders of credit-default swaps. Contracts on the iTraxx Financial Index of subordinated debt, a benchmark for the cost of protecting the bonds of 25 European banks and insurers against default, rose 4 basis points to 49 basis points, according to Deutsche Bank AG. The index increases as perceptions of credit quality worsen."

Los Angeles Times - "New-home sales plummet in August" (9-28-07)

"Sales of new homes plunged in August from the previous month and prices posted their biggest year-over-year drop in nearly 37 years, the Commerce Department said Thursday, underlining the depth of problems facing the housing sector. A separate report from the Labor Department showing that new claims for unemployment insurance fell a lower-than-expected 15,000 last week to 298,000 implied that the drag from housing was not spilling into labor markets. Even so, speculation flared that the Federal Reserve would have to cut interest rates further to counter an economic slowdown."

Los Angeles Times - "Wall Street gains despite dismal data" (9-28-07)

"Stocks extended their quarter-end rally Thursday despite some downbeat economic data and another jump in oil prices. The Dow index closed within 88 points of its record high reached in July. Some analysts said investors were betting that the Federal Reserve would follow up its Sept. 18 interest rate cut with another in October."

Real Estate Journal - "Small Investors Gain An Edge in Properties" (9-28-07)

"For small investors who've been shut out of the commercial-property market in recent years, there's a bright side to the mortgage meltdown: It's much easier for them to compete."