Some corporate news regarding the housing bubble. "MFA Mortgage Investments Inc., a mortgage real estate investment trust, said Tuesday it is postponing its fourth-quarter earnings release and conference call as its independent auditors need more time to complete their review. The release and call had been scheduled for Tuesday."

"MFA is still working with its independent auditors to resolve a technical interpretation of Generally Accepted Accounting Principles (GAAP) applicable to the characterization of the ownership of certain of MFA's MBS assets and their related repurchase financings."

"(A) company that analyzes executive compensation for mutual funds and other large investors, called Bob Toll's compensation excessive in relation to the company's recent performance. It recommended that investors withhold their vote for Sa Toll Bros. independent director who sits on the compensation committee and is up for reelection this year."

"Toll Bros.' shares fell 47 cents yesterday to $29.35, its 52-week low, reflecting the slowing housing market and Toll Bros.' weakening order book. The 52-week high price was $58.25. Shirley Westcott said that Toll Bros.' practice of basing Bob Toll's compensation on a percentage of profit was unusual and that the company had been 'sort of riding the real estate bubble.'"

"Cendant Corp. plans to cut costs at real estate brokerage company NRT Inc. by about $50 million this year through a cost-cutting strategy that includes office closures, Cendant chairman and CEO Henry Silverman said today."

"'To counter the impact of a slowdown at NRT we have put in place a cost-reduction program, which principally includes consolidating local offices in order to right-size NRT's cost structure to be in line with reduced volumes,' Silverman said."

"The real estate market quickly turned in December, Silverman said, and the default rate or cancel rate of open contracts to purchase properties 'spiked by about 30 percent just in December alone.' This cancellation rate was largely in markets where there have been reports of widespread real estate speculation, he said. 'The flippers, the speculators, either have or are departing the market.'"

"Silverman blamed media reports about the real estate market, in part, for the change in market conditions. 'We think to some extent that that is also a function of the media which is reporting on a daily basis that the real estate market is going over the cliff, that may have convinced buyers to become more cautious. Anecdotally we're being told that,' he said."