AP - Mortgage lending in Britain was down 44 percent in October compared to a year ago, further evidence the economic downturn is hurting an already weak property market, the Council of Mortgage Lenders said Thursday.
AP - Chinese shares joined the global sell-off Thursday but gains in property developers and gold miners provided a floor for the market, partly offsetting losses in banks and insurers.
Investor's Business Daily - Housing: For years, a self-described "bank terrorist" blackmailed banks into making bad home loans in our inner cities. Now those loans are defaulting by the millions, and he's blaming banks.
Investor's Business Daily - 1 The Nasdaq plunged 6.5%, the S&P 500 6.1% and the NYSE composite 6.1%, all to fresh 51/2-year lows. The Dow slid 5.1% to its first sub-8,000 close since March '03. Volume rose. Over 100 S&P 500 components suffered double-digit declines. Every industry group fell, led by transports, home builders, steel and financials. The 10-year T-yield dived 20 ticks to 3.34%.
Reuters - U.S. life insurer MetLife Inc disclosed information about its commercial mortgage portfolio on Wednesday in an effort to soothe investors that have become increasingly skittish about investments by insurers in commercial property debt.
Investor's Business Daily - The gov't will insure failing home loans if lenders reduce principal to 3.5% below current home values vs. the initial plan for a 10% haircut, the Dept. of Housing and Urban Development said. The goal is to curb foreclosures by making payments manageable and giving homeowners an incentive not to walk away. But very few lenders and borrowers have taken advantage of the Hope for Homeowners program, which can guarantee up to $300 bil in reworked mortgages. HUD also said some loans may be extended from 30-year maturities to 40 years.
