Yahoo - "Spotlight shifts to U.S. jobs for clues on rates" (9-3-07)

"Key economic data from the United States this week may seal the case for the first cut in the federal funds rate in more than four years, which would help ease investor concerns about a fallout from the subprime crisis. The U.S. Federal Reserve reassured investors last week it would take any steps needed to shelter the economy from a global credit squeeze, while President George W. Bush promised to help struggling homeowners refinance their mortgages."

Los Angeles Times - "Countrywide's message of confidence turned to crisis" (9-3-07)

"A year ago, Countrywide Financial Corp. Chairman and Chief Executive Angelo R. Mozilo was boasting that the looming shakeout in home prices and hike in mortgage interest rates would usher in a period of remarkable prosperity for his company. 'I have 53 years of experience. . . and this is nothing compared to 25% prime and 17.5% mortgage rates and 10% unemployment,' he told a conference of bond investors last September, pooh-poohing the effect of rising rates."

MSNBC - "When will housing prices stop falling?" (9-3-07)

"Forecasting the long-term direction of any market — stocks, bonds or housing — is a perilous endeavor. But it seems pretty clear that the housing market has not yet hit bottom. The recent slide in housing prices has been very moderate, but it’s only just begun — at least according to most widely watched data on both new and existing homes. As recently as the second quarter of this year, home prices were still up 3.2 percent from a year ago nationwide, according to Office of Federal Housing Enterprise Oversight. And after years of double-digit gains in many markets, home prices nationwide are down less than 1 percent, according to the National Association of Realtors."