Bloomberg - "CMBS Defaults, Delinquencies Tripled Last Quarter, Reis Says" (5-1-09)

"Defaults and late payments on property loans sold as commercial mortgage-backed securities tripled to 1.8 percent of outstanding balances in the first quarter and may rise to the highest in almost two decades, Reis Inc. said today."

Bloomberg - "Fed Said to Be Close to Offering Five-Year TALF Loans for CMBS" (5-1-09)

"The Federal Reserve is close to offering investors five-year loans to buy commercial mortgage- backed securities, granting an industry request, a person familiar with the matter said. The decision on extending the term of such loans under the Fed’s Term Asset-Backed Securities Loan Facility isn’t yet final, the person, who spoke on condition of anonymity, said yesterday. The Wall Street Journal reported the state of the decision earlier yesterday. In December, the Fed lengthened the term of TALF loans to three years from one year."

Bloomberg - "Mortgage-Bond ‘Torture’ Carries Risk, Daloisio Says" (5-1-09)

"Lawmakers may undermine the potential for a recovery in the market in which loans and leases are packaged into bonds, lengthening the government’s expanded role in lending, the head of the largest securitization group said."

CNN - "5 tips on buying a foreclosed home" (5-1-09)

"If you buy a foreclosed home at an auction before the bank repossesses it, you'll have to pay in cash, and you usually cannot inspect the property. You may also later discover that there are liens against it. When a bank takes back a home, however, it will clear any outstanding liens. Plus, when you buy a bank-owned property, you can inspect it beforehand, and you can finance the purchase with a mortgage. Leave your suitcase full of cash at home."

Orange County Register - "The case for buying a home now" (5-1-09)

"No one can predict when the market will bottom out until a year later when you can look at a chart and see when the bottom was reached. It may turn out to be this month. Bottom line: if you find a home that makes sense for you, you ought to buy now when rates are so low."

Los Angeles Times - "Mortgage reduction bill fails in Senate" (5-1-09)

"The Senate delivered a stinging rebuff to President Obama and consumer advocates Thursday by rejecting a measure to help homeowners facing foreclosure. The vote was 51 to 45, with 12 Democrats joining Republicans in opposing the proposal, under which bankruptcy judges could order lenders to reduce the principal on home mortgages."