Mortgage Bankers Association - "MBA Statement on Frank Anti-Predatory Lending Bill" (10-22-07)

"We welcome a full and open debate on how to best protect consumers from unscrupulous mortgage originators. Buying a home is the largest financial transaction most Americans will ever make, and as such, borrowers deserve a simple and honest process. The debate surrounding this bill will cut to the heart of finding the right balance between shielding consumers from predatory lending practices and protecting their access to affordable credit."

Mortgage Bankers Association - "Mortgage Reform and Anti-Predatory Lending Act Introduced by Rep. Frank" (10-22-07)

"The House Financial Services Committee Chairman Barney Frank (D-MA) introduced the "Mortgage Reform and Anti-Predatory Lending Act of 2007." If enacted, the bill would reform mortgage practices in several areas: establish a federal duty of care; call for licensing of mortgage originators; prohibit steering; create an ability to repay standard; and, would attach limited liability to secondary market securitizers. The Committee issued a press release and a section-by-section analysis of the bill. MBA has concerns with the bill and will continue to examine the legislation's potential impact on the mortgage markets."

Mortgage Bankers Association - "OFHEO Issues Statement on the Conforming Loan Limit for 2008" (10-22-07)

"The Office of Federal Housing Enterprise Oversight is publishing today a Statement on the Conforming Loan Limit for 2008 and issuing for additional public comment a revised version of the Proposed Examination"

Mortgage Bankers Association - "Fannie Mae Updates Condo, Coop and PUD Project Review Process" (10-22-07)

"The purpose of this Lender Letter is to provide an update to lenders about policy changes to Fannie Mae’s Project Review Processes for Condominium, Cooperative and PUDs. In Lender Letter 04-07, Condominium, Cooperative and Planned Unit Development (PUD) Project Review Process, dated August 17, 2007, lenders were informed that Fannie Mae will no longer accept applications for Conditional Project Acceptance (1027) after August 31, 2007. The Lender Letter also advised that we would set a deadline for project submissions and that we would issue a Lender Announcement within 60 days detailing next steps and associated policy and procedural changes."

Bloomberg - "California Homes Are Overvalued by as Much as 40%, Goldman Says" (10-22-07)

"Californian homes are overvalued by as much as 40 percent and stricter lending standards will probably contribute to 'material' price declines, according to analysts at Goldman Sachs. Prices in the state 'have proven surprisingly resilient, given the severe curtailment of credit availability and rising unemployment,' the analysts said in a note to investors. 'However, we believe that a downturn is imminent.'"

Bloomberg - "U.S. Housing Decline Threatens to Last Into 2009" (10-22-07)

"Ivy Zelman's view of the U.S. housing market is gloomy, but it's probably the most realistic. A veteran Wall Street analyst, Zelman, chief executive of the research firm Zelman & Associates, says it's unlikely the U.S. housing market will recover before 2009, adding there's a ``50 to 60 percent chance of a recession,'' as the housing slump curbs consumer spending."

Bloomberg - "Paulson Stakes His Legacy on Subprime Bailout" (10-22-07)

"It is impossible not to have an opinion about Henry Paulson. Some see laudable bipartisanship in Paulson's approach to problem solving and feel he'll go down as a good, if not great, Treasury secretary, destined to sit next to Robert Rubin in the Mount Olympus of Economics. Others, especially conservatives, see a man of small accomplishment with limited devotion to bedrock Republican free-market principles."