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Michael Jackson says ranch foreclosure averted
(Reuters)
 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.
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California man losing nine homes in mortgage mess
(Reuters)
 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.
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Citigroup to slash 400 bln dlrs in assets
(AFP)
 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.
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White House leaves door open on housing rescue
(Reuters)
 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.
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Countrywide falls on worry over B of A merger
(Reuters)
 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.
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Mortgage credit losses could total $500 bln: Goldman
(Reuters)
 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.
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AIG sees no signs of mortgage asset market rebound yet
(Reuters)
 Reuters - American International Group ,
after disappointing with a worse-than-expected loss on
Thursday, did little to buoy investor spirits on Friday,
telling shareholders it does not yet see signs of a rebound in
the market for mortgage assets, which have cost it dearly over
the past two quarters.
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On Wall St: The elephant in the room
(FT.com)
FT.com - Fannie Mae (NYSE:FNM), the biggest buyer of US mortgages, this week demonstrated why it is the elephant in the room when it comes to the ranks of financial institutions deemed too big to fail.
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Foreclosure Bargains on the Block
(BusinessWeek Online)
BusinessWeek Online - At the end of 2006 a new 4,000-square-foot home with a three-car garage in a small gated subdivision in Las Vegas sold for $1 million. On May 6 the bank that owns the now foreclosed property at 7604 Noche Oscura Circle agreed to sell it for $500,000 ($32,900 below the already discounted asking price).
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German insurer Allianz 1Q net profit falls 65 percent
(AP)
AP - German insurer Allianz SE said Friday first-quarter net profit fell 65 percent due to difficult market conditions as it wrote down $1.3 billion tied to the U.S. subprime crisis.
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Housing aid bill faces veto by President Bush
(AP)
 AP - Democrats' plans to help hundreds of thousands of homeowners struggling with rising subprime mortgage rates and plummeting house values could be sidetracked by President Bush's threatened veto and the backing of many congressional Republicans.
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U.S. House Passes Anti-Foreclosure Bill Facing Bush Veto Threat
(Bloomberg)
Bloomberg - May 9 (Bloomberg) -- The U.S. House of Representatives
passed legislation to let a federal agency insure up to $300
billion in mortgages to help homeowners avert foreclosure, a day
after the White House threatened to veto the measure.
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US House-approved mortgage crisis bill faces veto
(AFP)
 AFP - The US House of Representatives has approved a bill that lawmakers hope could stem the tide of home foreclosures due to the subprime mortgage crisis, but it faces a presidential veto.
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Insurer AIG has $7.8 bln Q1 loss, to raise capital
(Reuters)
 Reuters - American International Group Inc
, the world's largest insurer, posted its largest ever
quarterly loss on Thursday after writing down assets linked to
subprime mortgages, and said it would raise $12.5 billion to
strengthen its balance sheet.
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Nation - Thursday
(Investor's Business Daily)
Investor's Business Daily - Lawmakers voted 266-155 to create a $300 bil fund to help curb foreclosures, offering lenders a gov't guarantee if they write down principal. The bill also would give a $7,500 tax credit for 1st-time home buyers. Separate legislation passed Thu. that would send $15 bil to local communities hit hard by the mortgage crisis to help them buy and fix abandoned homes. President Bush has threatened to veto both bills, but the White House has said it supports some provisions and is open to a compromise.
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Rates on 30-year mortgages edge down slightly
(AP)
AP - Rates on 30-year mortgages edged down slightly this week, but remained above 6 percent for the third straight week.
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Major provisions of housing rescue package
(AP)
AP - Major provisions of housing rescue bills in the House aimed at heading off foreclosures, preventing neighborhood blight and stabilizing the market.
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NAR: US pending home sales drop to new low in March
(AP)
AP - Pending home sales dropped to a new low in March, an industry group said Wednesday, signaling the housing slump has yet to bottom out even as the spring sell season gets under way.
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Subprime crisis inflicts more pain at German banks
(AFP)
 AFP - Results from two German banks on Wednesday showed that the knock-on effects of the US subprime home loan crisis are still being felt around the world.
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View of the day: Asia's difficult policy choices
(FT.com)
FT.com - Asia has so far proved fairly resilient to the US subprime crisis although policymakers in the region will face an increasingly bumpy ride ahead, says Tehmina Khan at Capital Economics.
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