<p>Reuters - Entertainer Michael Jackson said on
Sunday a foreclosure sale on his Neverland Ranch set for this
week was averted after a loan on the California property was
sold to Colony Capital, a large real estate investment firm.
Reuters - A California man who has defaulted
on nine homes and expects banks to foreclose on all of them,
forcing him into bankruptcy, says he now considers it a mistake
to have invested in the real estate market.</p>
AFP - Citigroup, reeling from the subprime mortgage crisis, said Friday it plans to sell roughly 400 billion dollars in assets in a streamlining reorganization aimed at restoring the US banking giant to profit.
<img src="http://d.yimg.com/us.yimg.com/p/nm/20080509/2008_05_08t172904_450x368_us_usa_housing_congress.jpg?x=130&y=106&q=85&sig=BzZqLfHH55lvskp6yYKcwA--" align="left" height="106" width="130" alt="Prospective buyers visit an open house in Alexandria, Virginia, April 6, 2008. The House of Representatives on Thursday approved a bill to create a $300 billion mortgage-insurance fund and provide billions more in homeowner aid to stabilize a housing market shaken by a wave of foreclosures. (Jonathan Ernst/Reuters)" border="0" />Reuters - The White House on Friday set out
terms for a possible deal on a housing market rescue plan, as a
sweeping package backed by the House of Representatives was on
its way to an uncertain greeting in the Senate.
Reuters - Countrywide Financial Corp
shares fell nearly 6 percent on Friday on renewed speculation
that Bank of America Corp will renegotiate or cancel
its agreement to buy the largest U.S. mortgage lender.
<p>Reuters - Goldman Sachs economists expect a
total of $500 billion in residential mortgage credit losses, a
renewed slowdown in economic activity after the near-term boost
from fiscal stimulus, and no monetary policy tightening in 2008
or 2009, according to a research note from the firm.
