<p>Reuters - President-elect Barack Obama's economic team is working to overhaul the $700 billion financial rescue program to stem mortgage foreclosures and spur the flow of credit to the struggling U.S. economy, an Obama aide said on Friday.
Reuters - KB Home posted a worse-than-expected quarterly loss on Friday and said unprecedented pressures on the industry and the economy would remain difficult or worsen, sending its shares lower.
</a>Reuters - Financial giant Citigroup Inc will support a proposal in Congress to rewrite bankruptcy law to help troubled mortgage borrowers avoid foreclosure, Chief Executive Vikram Pandit said on Thursday.
AP - KB Home, one of the nation's largest homebuilders, reported a sharply narrower fourth-quarter loss on Friday, but home demand weakened significantly and the company expects the industry will continue to struggle in 2009.
AP - British builder Bovis Homes Group PLC said Friday that it will shed another 200 jobs and will not pay a dividend this financial year as sales of its homes fell sharply amid a decline in the British housing market.
BusinessWeek Online - Last year was that rare wrinkle in history when everything that could go wrong did go wrong. Stocks and real estate imploded. Bank failures abounded. Fannie Mae, Freddie Mac, and AIG became wards of the state, while the Federal Reserve had to double its balance sheet in the course of a few weeks.
