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02/29/2008 Wells Fargo tightening standards in distressed markets
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Wells Fargo & Co. is tightening underwriting standards today in more than 200 markets it has identified as distressed or soft, increasing down-payment requirements and making stated-income loans off limits in some markets.
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02/29/2008 AIG expects second year of mortgage-insurance losses
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Billions in write-downs on derivates and other losses related to mortgages put insurer American International Group Inc. deeply in the red during the fourth quarter, and the company expects another "significant operating loss" at its mortgage insurance division in 2008.
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02/29/2008 California single-family building permits sink 62%
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New-home construction in California, as measured by building permits issued, dropped 62 percent in January compared to the same month last year, the California Building Industry Association reported today, and fell 27.6 percent compared to December 2007.
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02/29/2008 Starved credit wrecked housing, not vice versa
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Mortgage rates have begun a decline from the irrational levels of the last month, now approaching 6 percent and says here likely to cross back into the fives.
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02/29/2008 Overnight real estate rates drop sharply
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Long-term mortgage interest rates fell considerably Thursday, and the
benchmark 10-year Treasury bond yield was down at 3.67 percent.
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02/29/2008 Stop texting and start Jotting
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Have you ever watched someone text message while they're driving? A new service called Jott may soon make simple texting obsolete.
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02/29/2008 Move Inc. reports $5.3 million Q4 loss
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Last year was "the toughest real estate market in 50 years," Move Inc. CEO Mike Long said during an earnings presentation Thursday, noting that the company grew revenue in key business segments while reporting a $4 million loss for the year and a $5.3 million loss in the fourth quarter.
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02/29/2008 Senate won't hear bankruptcy cramdown bill
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The Senate voted Thursday against holding a vote on a bill that included a proposal to allow bankruptcy judges to modify the mortgages of troubled borrowers to help them avoid foreclosure.
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02/28/2008 Real estate patent lawsuit targets NAR, MLSs, brokers
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A barrage of lawsuits over a real estate mapping patent dispute has
thickened, with the company that claims rights to the patent attempting to draw
a range of real estate industry trade groups and companies into the fray.
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02/28/2008 Q4 loss puts First American in the red for 2007
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First American Corp. said it lost $67.5 million and laid off 1,100 employees during the fourth quarter, as the company boosted loss reserves by $122.3 million against higher expected claims.
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