Friday morning headlines

Stocks resume climb: After a small breather on Thursday, the market is back in plus territory and the Dow is back over the 9800 mark.

FHA's cash squeeze: Boy, is this story ever familiar. Just as the Federal Housing Administration has become a growing source of funds for first-time homeowners (and a major reason why the housing market has come back from the dead), the FHA now says it will dip below its mandated cash cushion for the first time. From AP:

As of this summer, about 17 percent of FHA borrowers were at least one payment behind or in foreclosure, compared with 13 percent for all loans, according to the Mortgage Bankers Association. Rising defaults mean the FHA's reserves may sink below the 2 percent mark required by federal law.

Pang's death a suicide?: WSJ cites an unnamed source in reporting that the embattled OC financier had barbiturates and THC in his system when he was brought into a local hospital.

Newport Beach police believe the most likely explanation is that Mr. Pang, 42 years old, committed suicide, according to people close to the matter, but they are awaiting the coroner's report for a definitive conclusion. Crime-scene investigators removed several small bags of evidence from the Pang household on the afternoon he was taken ill, a neighbor said.

Gas hits 2009 high: An average gallon in the L.A. area is $3.14, up almost a nickel from last week, according to the Auto Club. Scaled-back refinery production in the state is apparently behind the price rise.

Commissioner involved in bribe: Daily Journal cites unsealed grand jury transcripts in reporting that Superior Court Judge Harvey Silberman allegedly used a court commissioner as an intermediary to offer a bribe to Deputy District Attorney Serena Murillo, a political opponent. Pre-trial motions expected today.

According to the transcripts, Murillo testified that Superior Court Commissioner Lori-Ann Jones called Murillo on Feb. 10, 2008, and said Silberman could pay her fees to run for another seat. Murillo testified that Jones told her, "You're going to think I'm crazy, but Silberman said he would pay for your filing fee if you run in another race." Murillo said she declined the offer. She told the grand jury she never spoke directly to Silberman about it. Jones, who was also running for a judgeship at the time, testified with immunity.

Will CA pull the TV plug?: State regulators are prepared to issue TV efficiency standards would require retailers to only sell sets that use less energy than current models. It would be a first in the nation. From the LAT:

It will also help California utilities head off the need to build more power plants just so residents can watch "American Idol" and other shows. TVs already account for 10% of residential energy use in California, driven largely by surging demand for large-screen TVs. Strict state mandates for cutting greenhouse gas emissions are further pressuring officials to act.

Fake chicken? Yuck!: Several consumer groups are going after Quorn Foods for not disclosing that its main ingredient in its chicken substitute - protein-rich fungus - may cause serious allergic reactions. Who knew? From the LAT:

"In the 1960s, people were concerned that we would run out of protein and started a search for new protein sources that could feed the world and discovered this fungus that grows naturally in soil. It makes a delicious and nutritious meat alternative. It has as much protein as eggs and as much fiber as broccoli on an ounce-per-ounce basis," said David Wilson, managing director of Quorn, which is a division of Marlow Foods, a British company.

Steve McQueen's ranch for sale: The 15.5-acre property in Santa Paula includes an 1892 Victorian house, 3 acres of Syrah vineyards, and an airplane hangar where the late actor kept his car and motorcycle collection. Asking price is $1.95 million. (LAT)