NAR - "Realtors® Applaud House Passage of Mortgage Cancellation Tax Relief" (10-4-07)

"The National Association of Realtors® praised the U.S. House of Representatives for today’s passage of the Mortgage Cancellation Tax Relief Act, H.R. 3648, by a vote of 386 to 27. Since the early 1990s, NAR has advocated for repeal of the current law, which forces individuals to pay an income tax when they have had a loan forgiven or have had to foreclose because of their inability to pay their mortgage."

Mortgage Bankers Association - "MBA Urges Caution on Mortgage Debt 'Cramdown' Legislation" (10-4-07)

"The Mortgage Bankers Association (MBA) today called for further examination of legislation that would allow bankruptcy judges to modify the terms of a mortgage contract during bankruptcy proceedings. The bill, HR 3609, passed the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law today by a party-line vote of 5-4."

Palm Beach Post - "Foreclosure rate still soaring" (10-4-07)

"Growing numbers of local homeowners were forced into foreclosure last month - or chose to default - as the worst housing crisis in 16 years continued to take its toll. In Palm Beach County, lenders foreclosed on 1,196 homes last month, up from 509 in September 2006, according to the county clerk's office. That's a 135 percent increase, and a rate of one foreclosure for every 518 households in Palm Beach County, based on population reported in the Census Bureau's latest American Community Survey."

Reuters - "Banks reduce credit lines to H&R Block mortgage unit" (10-4-07)

"H&R Block Inc the largest U.S. tax preparer, said on Wednesday bank lines at its Option One Mortgage Corp lending unit were terminated or reduced, as the subprime mortgage company reduces it lending volume. Banks reduced and closed out warehouse lines of credit, which H&R Block's Option One Mortgage Corp used to temporarily finance home loans made to consumers."

The Boston Globe - "Lenders pressed to pay for advisers" (10-4-07)

"The Patrick administration is pressuring mortgage lenders that initiate foreclosures to pony up as much as $6 million to cover the cost of helping up to 8,000 Massachusetts homeowners who may lose their homes next year. In an e-mail obtained by the Globe, Dan Crane, director of the Office of Consumer Affairs and Business Regulation, told a group of lenders that the administration expected them to provide money to pay for housing counselors who will assist delinquent homeowners through the foreclosure process or help them find rental housing."

Bloomberg - "Bear Stearns to `Weather Storm,' Won't Need Infusion" (10-4-07)

"Bear Stearns Cos., the securities firm hit hardest by the collapse of the subprime mortgage market, said it will 'weather the storm'' and isn't looking for a cash infusion from an outside investor. 'Things are getting better' since the Federal Reserve lowered its benchmark interest rate on Sept. 18, Bear Stearns President Alan Schwartz said in a presentation to investors today. 'Liquidity has improved,' said Schwartz, who was promoted in August when the company's stock fell to the lowest in two years."

CNN - "Mortgage rates ease slightly" (10-4-07)

"Mortgage rates fell slightly after three weeks of gains as the initial effects of credit woes spread to the housing market, Freddie Mac reported Thursday. The government-sponsored loan buyer said the 30-year fixed-rate mortgage averaged 6.37 percent for the week ending October 3, down from 6.42 percent from the week earlier. At this time last year, the 30-year fixed-rate mortgage averaged 6.30 percent."

Real Estate Journal - "Washington Mutual Calls For Mortgage Disclosure" (10-4-07)

"Washington Mutual Inc., the U.S.'s sixth-largest home-mortgage lender in terms of volume, is asking mortgage brokers it works with to provide more information to borrowers. The move comes as lenders as well as brokers are facing pressure from lawmakers and consumer-advocacy groups to beef up customer disclosures, which have been criticized as inadequate and in some cases, misleading. Poor disclosures, critics say, have led many borrowers to take out loans they couldn't afford, contributing to the highest home-loan delinquency rate in five years."