Thursday, December 6, 2007

Thursday December 6 Housing and Economic stories




Top Stories:

Welcome to Las Vegas' housing market


The Mortgage Lender Implode-O-Meter - tracking the housing finance ... - (http://ml-implode.com/) Five new lenders out of business this week
·
BayRock Mortgage (Wholesale)
·
Empire Bancorp
·
Option One - H&R Block
·
Citigroup - FCS Warehouse
·
Charter One (Wholesale)

MBIA Capital May Be Inadequate: Moody's - (http://ml-implode.com/staticnews/2007-12-05_MBIACapitalMayBeInadequateMoodys.html ) or (http://biz.yahoo.com/ap/071205/mbia_moody_s.html?.v=1 )
- The situation is now apparently different from a few weeks ago, says Moody's. What exactly is different? Moody's says "the market's perception





Bear Stearns faces new round of hedge fund claims - (news.moneycentral.msn.com)
Analyst sees Schwab unwinding SIVs in money markets" - (www.marketwatch.com)
At ETrade, Pain Went Far Beyond Subprime - (blogs.nytimes.com)
Florida Just First to Face National Run on the Bank - (bloomberg.com)
Florida Says Unfreezing Fund Would Spark Fire Sale' - (bloomberg.com)
We've never seen an inventory overhang that big in California - (socalbubble.com)
Middle class and out of a house in Chicago - (suntimes.com)
Jim Cramer on Market Manipulation - (www.youtube.com)
Credit markets in worst state for 47 years, says Legg Mason chief - (www.ft.com) ($)
California's Orange County funds in focus - (www.ft.com)
Defaults could quadruple next year - (www.ft.com) ($)
Clinton Calls for 90-Day Halt to Subprime Foreclosures - (www.cnbc.com)


Other Stories:

Pimco's Gross: Fed to Cut Key Rate 1/4 Point Tuesday - (www.cnbc.com)
Cuomo Will Let Ethics Panel Review Bear Stearns Ties - (www.cnbc.com)
Washington Post: "Neck-snapping spin, even by Bush standards..." - (www.bullnotbull.com/bull)
Thomas Friedman: Who Needs Nukes When You Have This Kind of America? - (www.bullnotbull.com/bull)
Fleck: Greenspan Dodging Blame for Housing Mess...(so far) - (www.bullnotbull.com/bull)
Wall Street Firms Subpoenaed Over Subprime - (www.bullnotbull.com/bull)
Credit crisis: outlook for 2008 - (money.cnn.com)
Foreclosures increase for new loans, studies show - (dailyreportonline.com)
Americans Turn Gloomier - (www.bullnotbull.com/bull)
Florida's Fund Crisis Worries Other States - (www.bullnotbull.com/bull)
The Biggest Mess Since 1929 - (www.bullnotbull.com/bull)
The Idiocy of the DCMA - A Slideshow - (www.bullnotbull.com/bull)

House prices see biggest drop in 25 years - (money.cnn.com)
Foreclosure rescue plan: No help for you - (money.cnn.com)
No bailout for borrowers - (optionarmageddon.blogspot.com)
Paulson Needn't Worry About Litigation Risk - (seekingalpha.com)
Paulson Goes to Washington, Loses Way - (bloomberg.com)
Lenders 'must prepare for worst' - (news.bbc.co.uk)
Houseowner be Damned - (greatdepression2006.blogspot.com)
Libor and Mortgages - (guardian.co.uk)
Subprime woes spread north of the border - (marketwatch.com)
Canada lowers rates - (nytimes.com)
There's No Shame in Renting, House Prices Will Fall - (homeguide123.com)
What is a Bubble? - (irvinehousingblog.com)
U.S. Added 189,000 Jobs Last Month, Triple Economists' Estimates, ADP Says - (www.bloomberg.com)
Expectations Vary for Fed's Move - (www.wsj.com) ($)
Bush to unveil mortgage plan - (www.ft.com)
Fed May Couple Rate Cut With New Measures to Increase Credit - (www.bloomberg.com)
Retailers' November Sales Rise in Slowest Holiday Since 2002 - (www.bloomberg.com)
U.S. services show softer conditions in Nov, ISM says - (www.marketwatch.com)
Mortgage fallout felt by GOP - (www.latimes.com)

Subprime Rate Five-Year Fix Eyed by U.S. Regulators - (www.bloomberg.com)
Deal Reached on Mortgage Rate Freeze - (www.ap.com)
Conn. state investment fund hit with mortgage woes - (www.theday.com)
Florida Fund's Debt Has `Indeterminate Value,' BlackRock Says - (www.bloomberg.com)
Fund Crisis in Florida Worrisome to States - (www.nytimes.com)
Wall Street Firms Are Subpoenaed - (www.wsj.com) ($)
Paulson's subprime crisis role questioned - (www.ft.com) ($)
Giant hedge fund walk from Block deal - (www.nypost.com)
Credit losses go from bad to worse, says Fannie - (www.ap.com)
Has Cerberus Lost Its Nose for Bargains? - (www.nytimes.com)
Ten rumors on The Street - (www.thestreet.com)

Moody's Says MBIA May Face Capital Shortfall - (www.bloomberg.com)
Wall St firms subpoenaed by NY prosecutors: (www.wsj.com) - (www.reuters.com)
Fannie Mae to Issue $7 Billion In Stock to Help Steady Itself - (www.washingtonpost.com)
With Blackstone, Worries Old and New - (www.wsj.com) ($)
Airlines set '08 cutbacks - (www.philly.com)
Bristol-Myers eyes 4,800 job cuts - (www.ft.com) ($)
U.K. Home Prices Fall for Third Month, Worst Streak Since 1995 - (www.bloomberg.com)
Northern Rock could be nationalized by February - (www.marketwatch.com)


It's Not 1929, but It's the Biggest Mess Since - (www.washingtonpost.com)
Freddie Mac's Accounting Evokes Shades of Enron: Jonathan Weil - (www.bloomberg.com)
Florida Just First to Face National Run on the Bank: Joe Mysak - (www.bloomberg.com)

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