Bloomberg - "Washington Mutual Says House Prices to Keep Dropping" (11-7-07)

"Washington Mutual Inc., the largest U.S. savings and loan, fell as much as 8 percent in New York trading after the company said housing prices will continue to decline in 2008 and it must set aside more money for bad loans. 'The slowdown was more severe than either we or the industry anticipated,' Chief Executive Officer Kerry Killinger said in a presentation to investors in New York today. Home-price declines will erode earnings next year, he said."

Bloomberg - "Cuomo Widens Investigation to Fannie Mae, Freddie Mac" (11-7-07)

"New York Attorney General Andrew Cuomo expanded his investigation of the mortgage industry to include Fannie Mae and Freddie Mac, the two biggest U.S. providers of mortgage financing. The mortgage providers' shares fell after Cuomo said in a statement that he plans a news conference today in New York to announce 'a significant new development in his expanding investigation into the mortgage industry involving Fannie Mae and Freddie Mac.'"

Bloomberg - "Citigroup Credit Risk Highest in More Than Five Years" (11-7-07)

"Credit-default swaps on bonds of Citigroup Inc., Wachovia Corp. and Morgan Stanley are trading at the highest in at least five years on speculation the biggest U.S. banks may be forced to write down more subprime assets. Contracts tied to Citigroup's debt have climbed 30 basis points to 83 basis points since Oct. 31, according to broker Phoenix Partners Group in New York. The swaps are trading at the widest levels since at least September 2002, Credit Suisse Group data show. A basis point on a contract protecting $10 million of debt from default for five years is equivalent to $1,000 a year."

Big Builder Online - "Details Emerge From Neumann Bankruptcy" (11-7-07)

"Bankruptcy filings from Nov. 5-6 shed more light on the financial condition of Warrenville, Ill.-based Neumann Homes. The builder owes $217.4 million to eight lenders under 12 separate credit facilities, according to court documents. Those lenders are Bank of America, Cole Taylor Bank, Comerica Bank, First Midwest Bank, Guaranty Bank, IndyMac Bank, RBC Centura Bank, and Residential Funding Co."

NAHB - "Builders Want Voluntary Green Building Certification Program, According To New Survey" (11-7-07)

"The vast majority of residential builders and developers – 90 percent -- are interested in participating in a voluntary green building certification program, according to the results of a survey by the National Association of Home Builders (NAHB). 'As confirmed in this survey, voluntary, market-driven programs are the best way to encourage the growth of green building,” said NAHB President Brian Catalde, a builder from Southern California. “More than 100,000 homes have already been built and certified by voluntary, builder-supported programs across the country.'"

Mortgage Bankers Association - "Financial Service Committee Approves Comprehensive Mortgage Reform and Anti-Predatory Lending Legislation" (11-7-07)

"The House Committee on Financial Services approved historic bipartisan mortgage reform legislation and anti-predatory lending practices by a vote of 45 to 19. (H.R. 3915), the 'The Mortgage Reform and Anti-Predatory Lending Act of 2007' will create a licensing system for residential mortgage loan originators, establish a minimum standard requiring that borrowers have a reasonable ability to repay a loan, and will attach a limited liability to secondary market securitizers. The legislation will also expand and enhance consumer protections for "high-cost loans," will include protections for renters of foreclosed homes, and will establish an Office of Housing Counseling through the Department of Housing and Urban Development."

Mortgage Bankers Association - "Mortgage Applications Decrease Slightly In Latest MBA Weekly Survey" (11-7-07)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 2, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 670.6, a decrease of 1.6 percent on a seasonally adjusted basis from 681.7 one week earlier. On an unadjusted basis, the Index decreased 2.4 percent compared with the previous week and was up 8 percent compared with the same week one year earlier."

Bloomberg - "Dollar Slumps to Record on China's Plans to Diversify Reserves" (11-7-07)

"The dollar fell the most since September against the currencies of its six biggest trading partners after Chinese officials signaled plans to diversify the nation's $1.43 trillion of foreign exchange reserves. The dollar fell against all 16 of the most-active currencies, declining to the weakest versus the Canadian dollar since the end of a fixed exchange rate in 1950, a 26-year low against the pound and a 23-year low versus the Australian dollar. The New York Board of Trade's dollar index dropped to 75.21 today, the lowest since the gauge started in March 1973."

Orange County Register - "Brea lender ResMae halts new loans" (11-7-07)

"ResMae Mortgage Corp., a Brea-based subprime lender, stopped funding new loans on Tuesday, citing "unprecedented" market conditions, according to an e-mail sent to mortgage brokers and its Web site. The company, which emerged from bankruptcy in June, said the move is temporary and that it will honor commitments dated prior to Nov. 6."

The Press Enterprise - "Inland home builders slash prices to attract buyers" (11-7-07)

"End-of-the-year deals on a glut of built but unsold homes are in full swing in the Inland counties, as builders slash prices, subsidize mortgage rates and sometimes help to sell their customers' existing houses. Borre Winckel, executive director of the Riverside County chapter of the Building Industry Association of Southern California, said the price discounting on new homes is the steepest the industry has ever seen."