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September: Single family existing home sales decreases 7.5 percent from the previous month the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of cheap ugg for sale
homeowners, stylish ugg boots cheap on sale and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs cheap ugg hub reviews
and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year cheap ugg knit boots
is a good start. But the Senate has not acted. And the United States cheap ugg xmas Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
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