Thursday February 14 Housing and Economic stories

Top Stories:

States, Municipalities, and Universities/Students paying more for their debt:
· Turmoil in Munis - Auction-Bond Failures Roil Muni Market, Pushing Rates to 20% - (www.bloomberg.com)
· Overview: Failed muni bond auctions deepen crises - (www.ft.com)
· Debt crisis spreads to US municipalities - (www.ft.com)
· Credit Woes Hit Student Loans – (online.wsj.com)
· Michigan Suspends a College Loan Program - (www.ap.com)
· U.S. States' Credit Rating Outlook Turns Negative, Moody's Says - (www.bloomberg.com)

Builders Demand More Gov't Nookie For Their Cash (taking extreme action of suspending money to politicians until further notice) - (www.reuters.com)
Southern California home sales drop to 20-year low - (www.latimes.com)
Scary - Depression risk might force U.S. to buy assets – (www.reuters.com)
Growing number of foreclosure sales feeds vicious cycle - (www.usatoday.com)
Data show foreclosures make up half of houses sold in Calif (and these are usually discounted heavily versus resales) - (www.sfgate.com)
Federal Reserve Plans To Drop Cash From Helicopters - (www.reuters.com)
Politicians Gone Wild: US Announces Plan to Delay Foreclosures - (biz.yahoo.com)
Plunging house values mean falling taxes (for some – may be worth petitioning your county for reduction) - (www.modbee.com)California may not forgive taxes due on canceled debt - (ftb.ca.gov)
Third of recent buyers owe more than house's value - (www.reuters.com)


Other Stories:

Conforming Loan Limits Boosted: President Bush Signs H.R. 5140 - The new law boosts the GSE conforming limit to as much as $729,750 through the end of this year, and also raises FHA lending lim... - (www.ml-implode.com)
DR Horton To Hold 50% Off "Unauction" Sale - Lennar, eat your heart out. - (www.ml-implode.com)
Turmoil In Munis: Yields Soar To 20% - 'Those who think the Fed is pouring on the liquidity spigot need to think again. 100 failed municipal auctions in a single day i... - (www.ml-implode.com)
MGIC Loses $1.47 Billion in Quarter; Seeking Capital - (www.ml-implode.com)
BankUnited blacklists 191 condo projects - (www.ml-implode.com)

Platinum Passes $2,000 for First Time on South Africa Shortfall - (www.bloomberg.com)
Treasury Yield Curve Steepest Since 2004 on Credit Concern - (www.bloomberg.com)
Rust and Sun Belt cities lead '07 foreclosures - (money.cnn.com)
Small-business owner confidence declines - (www.latimes.com)
Paulson launches subprime mortgage lifeline - (www.ft.com)
California, Ohio, Florida Cities Lead U.S. Foreclosure Filings - (www.bloomberg.com)
America for sale - (money.cnn.com)
US job cuts mount as slowdown erodes corporate profits - (www.afp.com)
Non-Profit Mortgage Brokers Have Begun Their “Secret” Attack on the Mortgage Industry - (www.ml-implode.com)
Americans Selling Homes See Prices Go Below Mortgage - (www.ml-implode.com)
Bradford & Bingley profits halve after bad debts soar - (www.ml-implode.com)
Fannie Mae Escrow Grab Exposes Shareholders to 24% Loss in Suit - (www.ml-implode.com)
The Housing Bust Shakes Up Rentals - (www.businessweek.com)
Houses in Bubble Regions Remain Wildly Overpriced - (online.wsj.com)
In Miami the fraud goes on - (eyeonmiami.blogspot.com)
Former industrial US Rust Belt cities fight glut of abandoned houses - (www.iht.com)
Rent vs. Buy Myths That Ruined the Housing Market - (efinancedirectory.com)
Understanding the Pyramid Scheme We Call Housing - (dadtalk.typepad.com)
We've borrowed more than we can afford - (gristmill.grist.org)
Rust and Sun Belt cities lead '07 foreclosures - (money.cnn.com)
Mortgage Application Volume Declines – (www.ap.com)

Rising number of foreclosure sales putting more pressure on home prices - (www.chicagotribune.com)
County's median house prices hit 4-year low - (www.signonsandiego.com)
Buffett Offers Aid on Bonds, but at a Price - (www.nytimes.com)
In Price and Supply, Wheat Is the Unstable Staple - (www.nytimes.com)
Plan to Aid Borrowers Is Greeted by Criticism - (www.nytimes.com)
Americans Selling Homes Find Prices Sink Below Mortgage Values - (www.bloomberg.com)

Buffett bond plan puts heat on banks - (www.ft.com)
MGIC Loses $1.47 Billion in Quarter, Seeking Capital - (www.bloomberg.com)
Fannie Mae Escrow Grab Exposes Shareholders to 24% Loss in Suit - (www.bloomberg.com)
Huge Loss Dents GM's Hopes for a Turnaround - (online.wsj.com)
Hollywood writers vote to end strike (darn, now we have to watch more crappy reality shows) - (money.cnn.com)
Blackberry meltdown blamed on flawed software upgrade - (www.ajc.com)
Elusive Profits Punish GM - (www.businessweek.com)
Morgan Stanley to Cut 1,000 U.S., U.K. Mortgage Jobs - (www.bloomberg.com)

Mortgage Crisis Spreads Past Subprime Loans - (www.nytimes.com)
Foreclosures Hurt Housing Market Further - (biz.yahoo.com)
US banks join mortgage help plan - (news.bbc.co.uk)
Economists' Tea Leaves Point to Recession - (www.nytimes.com)
Bad Bets and Accounting Flaws Bring Staggering Losses - (www.nytimes.com)
Venezuelan State Company Stops Sales of Oil to Exxon - (www.bloomberg.com)
Bank of England Indicates Scope For Rate Cuts Limited - (www.bloomberg.com)
Sweden's Riksbank Unexpectedly Raises Benchmark Rate - (www.bloomberg.com)
Slowdown deepens as British house prices fall - (www.ft.com)
Solvency Worries Stalk Credit-Derivatives Market: Mark Gilbert - (www.bloomberg.com)
7 ways to fight property taxes - (money.cnn.com)
Buffett Plan Saves Muni Market, Dooms Ambac, MBIA: Joe Mysak - (www.bloomberg.com)