U.S. July auto sales seen down, housing woes key

(Reuters) - Dealer groups and analysts say early indications show July
sales failed to break free of a second-quarter slump,
ratcheting up the pressure for production cuts and stepped-up
incentive spending by the embattled U.S. auto industry.




"Housing worries and relatively high gas prices are
weighing on consumers," Bear Stearns analyst Peter Nesvold said
in a note for clients.


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Citigroup sees subprime losses at Fannie, Freddie

(Reuters) - Citigroup, in the report published on Thursday, estimates
that the two companies' retained portfolios contain $182
billion of subprime bonds, almost all of which are rated
triple-A, based on public disclosure by Fannie Mae and
Freddie Mac and their regulator, the Office of Federal
Housing Enterprise Oversight,.




Fannie Mae and Freddie Mac have exposure to over $3
trillion in mortgages due to their guarantee portfolios and
$1.4 trillion in their retained portfolios, but the vast
majority of this exposure is prime mortgages, Citigroup said.


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U.S.'s Jackson Urges China to Buy Ginnie Mae Mortgage-Backed Securities

(Bloomberg) -- The U.S. is urging China's central
bank to buy more mortgage-backed securities after a surge in
defaults by risky borrowers in the world's largest economy eroded
demand for such instruments.

U.S. Department of Housing and Urban Development Secretary
Alphonso Jackson is in Beijing to persuade the Chinese central
bank to buy more securities from Ginnie Mae, a mortgage
association under the Housing Department. Its securities are
guaranteed by the U.S. Government National Mortgage Association.


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UPDATE 2-U.S. housing market slower but still strong-Hubbard

(Reuters) - "Housing has slowed down but the good news is it continues
to be relatively strong," he told reporters at the U.S. embassy
after meetings in Berlin with German Chancellor Angela Merkel
and European Union officials.




"It's been healthy that there's been a slowdown and it's
contributed to what appears to be a soft landing," he said.


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Republican senators want probe of Fannie bonus pay

(Reuters) - Under a plan announced last week, several executives will
receive more than $1 million each in bonuses.




Daniel Mudd, the chief executive officer, will receive
almost $1.9 million worth of company stock while chief business
officer Robert Levin will be granted roughly $1.74 million
worth of stock under a plan that must be approved by the Office
of Federal Housing Enterprise Oversight.


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Egypt shares rebound, housing sector leads

(Reuters) - Egyptian shares rebounded on Tuesday after three days of declines, carried higher by gains in the volatile housing sector including Heliopolis Housing, traders said.

"In terms of turnover, Heliopolis Housing, Sixth of October Development and Investment, and Alexandria Real Estate are the three major players," said Walaa Hazem of HC Securities.


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U.S. Housing Starts Fall 2.1 Percent to 1.474 Million Pace; Permits Climb

(Bloomberg) -- Housing starts in the U.S. fell in
May, signaling the slump in home construction will continue to
depress growth.

Builders broke ground on new houses at an annual rate of
1.474 million, down 2.1 percent from 1.502 million the prior
month, the Commerce Department said today in Washington. Building
permits rose 3 percent to 1.501 million from 1.457 million.


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UPDATE 1-Blackstone to buy India back-office firm Intelenet

(Reuters) - The deal could be valued at $200 million, the Economic
Times newspaper said, quoting unnamed sources.




Mumbai-based Intelenet, with 18 centres in India and abroad
and clients in the United States, UK, Australia and India, is
equally owned by British bank Barclays and Indian
mortgage firm Housing Development Finance Corp.
.


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