Tuesday November 13 Housing and Economic stories

I Just noticed another home-builder filed for bankruptcy, and I am sure there will be many more to come. This is the 3rd I have seen in recent weeks. Nowhere close to the 110+ mortgage lenders that have gone bankrupt or out of business. See the infamous Mortgage Lender Implode-O-Meter to track the housing/finance meltdown for a list of aggressive lenders which did well in good times, but ..... well you know the end of the story.

See http://ml-implode.com/
Builder Dunmore Files Bankruptcy (money.cnn.com)

Best sources of housing and financial news stories (with no spin):
· http://patrick.net/housing/crash.html (Patrick.net US Housing Crash Continues)
· http://www.bullnotbull.com/bull/
· http://www.prudentbear.com/
· http://www.safehaven.com/
· http://www.jasmts.com/readingRoom.php (Jim Shepherd Investment Strategist)
· http://globaleconomicanalysis.blogspot.com/ (Mish’s Global Economic Trend Analysis)


Housing and Economic News:

Fukuda warns on rapid rise in yen - (www.ft.com)
Transcript of FT interview with Yasuo Fukuda
Fukuda sees way ahead for party and country
Japan’s yen has risen too far, too fast
The yen is appreciating too fast and speculators need to be careful, Yasuo Fukuda, Japan's prime minister, has told the FT
Blackstone warns on mortgage ‘black hole’ - (www.ft.com)
Shares drop on falling revenues - 22:15
Lex: Blackstone’s results
E-Trade shares fall on writedown fears - (www.ft.com)
Expansion into mortgage market backfires - 22:07
NYSE Euronext agrees block trading link-up
IMF urges subprime transparency - (www.ft.com)
European economy ‘can withstand turmoil’ - 21:57
IMF to heed new global players

Banks Reel from Credit Crisis, but Hope for Rescue - (www.cnbc.com)
· Help may be on the way for the financial sector, but in the meantime individual institutions are continuing to get hit with damage from the growing subprime mortgage crisis.
o Analysts See Subprime Losses Reaching $400 Billion - (www.cnbc.com)
· IBM, Cognos Shares Rise on $5 Billion Acquisition - (www.cnbc.com)
· Adobe Replaces CEO Chizen With COO Narayen - (www.cnbc.com)
· E-Trade Shares Nosedive on Subprime, Downgrade - (www.cnbc.com)
· Blackstone Exec: Subprime Mess Getting Worse - (www.cnbc.com)
· Fast Money: Potential Savior For Citi Emerges - (www.cnbc.com)
· Buffett Could Reap Gains From Credit Turmoil: WSJ - (www.cnbc.com)

Asia Opens Deep in the Red - (www.bullnotbull.com/bull)
Washington Post: The Gloom is Spreading - (www.bullnotbull.com/bull)
T-Bonds Rally on Gloom - (www.bullnotbull.com/bull)
NYT: No Superhero in the Wings - (www.bullnotbull.com/bull)
From Credit Crisis to Crunch - (www.bullnotbull.com/bull)
Will the Bank Stabilization Fund Work? - (www.bullnotbull.com/bull)
No Joy in Retail Holiday Hiring - (www.bullnotbull.com/bull)


From http://www.prudentbear.com

More debtors seek help - Houston Chronicle (11/12/2007 08:30 AM)
Savings guru drawing crowds - AJC.com (11/12/2007 08:43 AM)
Increased compensation puts more college presidents in the million-dollar club - NY Times (11/12/2007 08:46 AM)
Legg Mason Gives $100 Million to Money Funds, Arranges Credit - Bloomberg (11/12/2007 04:20 PM)
Citigroup, Banks Agree on `Super-SIV,' Person Says - Bloomberg (11/12/2007 05:07 AM)
Fitch Downgrades $37.2 Billion of CDOs - AP (11/12/2007 01:46 PM)
Blackstone warns on mortgage ‘black hole’ - FT (11/12/2007 09:30 PM)
Mortgage Market Losses May Be $400 Billion, Bank Says - Bloomberg (11/12/2007 05:08 AM)
Housing index attracting investors - TheStreet.com (11/12/2007 08:34 AM)
Wealth flows into currencies - FT (11/12/2007 09:59 AM)
Bearish mood shadows US commercial property - FT (11/12/2007 07:28 PM)
Google options make masseuse a multimillionaire - CNET.com (11/12/2007 08:38 AM)
Some Wonder if the Banks’ Stabilization Fund Will Work - NY Times (11/12/2007 05:09 AM)
Shift in bankruptcy laws staggers mortgage holders - Boston Globe (11/12/2007 05:48 AM)
Insurers face $2bn subprime crisis bill - FT (11/12/2007 09:56 AM)

Wall Street playing with more funny money: Eavis - Fortune (11/12/2007 12:14 PM)
E*Trade Going Out Of Business? - Forbes (11/12/2007 12:18 PM)
Citi's giant write-downs: What did it know, and when did it know it? - Fortune (11/12/2007 05:45 AM)
Countrywide warns on credit ratings - Market Watch from Dow Jones (11/12/2007 08:40 AM)
Office Depot to Restate over Allowances - CFO.com (11/12/2007 08:44 AM)
Wall Street banks Level 3 assets jump - CNN/Money (11/12/2007 03:17 PM)
E*Trade Shares Fall, Analyst Says Bankruptcy Possible - Bloomberg (11/12/2007 09:52 AM)
Publicis warns of web bubble - FT (11/12/2007 09:53 AM)
US rail chiefs say new laws will halt investment - FT (11/12/2007 09:17 PM)

Currency Controls Return as Central Banks Fight Gains - Bloomberg (11/12/2007 10:12 AM)
UK producer prices rise to 12-year high - FT (11/12/2007 09:24 PM)
China Trade Surplus Climbs to Record $27.05 Billion - Bloomberg (11/12/2007 05:11 AM)
Loonie's Rise Yields Splitting Pain for Canada - WSJ ($) (11/12/2007 05:56 AM)
Record prices deliver $658bn prize to Opec - FT (11/12/2007 09:57 AM)
Housing market faces big slowdown - FT (11/12/2007 07:27 PM)
Japan's Economic Growth Rebounds as Exports Climb - Bloomberg (11/12/2007 07:32 PM)
Fukuda warns on rapid rise in yen - FT (11/12/2007 09:14 PM)
Housing market faces big slowdown - FT (11/12/2007 09:24 PM)
High price means a hard sell for hybrid trucks - CNET.com (11/12/2007 08:37 AM)
IRS Still Out of Control: GAO - CFO.com (11/12/2007 08:44 AM)


From http://patrick.net/housing/crash.html
October House Prices in San Diego (voiceofsandiego.org)
62 Percent Against Subprime Bailout (efinancedirectory.com)
Housing glut pushes luxury builder into downward spiral (sun-sentinel.com)
The Tourism Industry: Betting the House? (blog.washingtonpost.com)
Countrywide Issues Ratings Warning (online.wsj.com)
SIV's and CDO's are put together, sold and traded (club.ino.com)
Super SIV to the Rescue? (city-journal.org)
Taking Out the SIV Garbage (safehaven.com)
Builder Dunmore Files Bankruptcy (money.cnn.com)
More banks brace for subprime spanking (usatoday.com)
Subprime Losses May Reach $400 Billion (Only $400B?) (bloomberg.com)
62 Percent Against Subprime Bailout (efinancedirectory.com)
Foreclosures not bad as they seem -- yet (centralvalleybusinesstimes.com)
Foreclosure Trauma: On the Ground in Georgia (nytimes.com)
Crash Is Opportunity For Political Change (eyeonmiami.blogspot.com)