Wednesday November 28 Housing and Economic stories

Top Stories:

Bad day for financial guarantee and insurance products companies (i.e., Ambac, MBIA, etc.) as their stock was down 7-10% on huge up-day for the market. Who is left provide bond insurance for municipalities, states, mortgage bonds, etc.?

MBIA Collapses its Hudson Thames SIV, Takes Writedown – (http://www.bloomberg.com/)
U.S. Home Prices Fell 4.5% in Third Quarter, Most in at Least Two Decades – (http://www.bloomberg.com/)
Fed to Inject $8 Billion to Lubricate Economy – (http://www.nytimes.com/)
L.A., O.C. home prices fall sharply – (www.latimes.com)
How NovaStar held clues to mortgage mess - (http://www.marketwatch.com/)
HSBC to bail out two funds – (http://www.latimes.com/)
Home Loan Bank Warned About Countrywide Debt - (http://www.cnbc.com/)
Countrywide Falls as Schumer Seeks Probe - (www.bloomberg.com)Bond Insurers Say Reinsurance Is Available to Increase Capital - (http://www.wsj.com/)
Bond insurers look to reinsurance for money - (http://www.cnnmoney.com/)
Ambac CFO says will defend triple A rating - (http://www.reuters.com/)

Other Stories:

U.S. Economy: Confidence Drops More Than Predicted – (www.bloomberg.com)
Home Prices Show Record Fall – (www.forbes.com)
Report: Foreclosures to Hit Metro Areas – (www.ap.com)
Foreclosures to have 'profound' impact, report warns – (www.usatoday.com)
Credit Squeeze Tightens Grip – (www.thestreet.com)
Here comes the recession - (www.cnnmoney.com)
$100 oil and the 'S' word - (www.cnnmoney.com)
Chicago Fed index falls to lowest mark since January – (www.chicagotribune.com)
Mayors see more foreclosure pain – (www.cnnmoney.com)
Homeowners' big question – (www.latimes.com)

four problems that could beset debt markets for years – (www.ft.com)
Why banking is an accident waiting to happen – (www.ft.com)
Borrowing costs slowing buyouts – (www.chicagotribune.com)
Pension Funds Are Pulling Back – (www.wsj.com)
S&P reviewing bond insurers – (www.businessweek.com)
Blackstone down 34% since IPO – (www.nypost.com)
Year-end rally may not bail out investors – (www.nypost.com)
Financials drag AA rated debt to the depths of 2002 – (www.ft.com)
Is home equity tapped out? – (www.startribune.com) – Minneapolis Star Tribune
Study Warns of Home Value Drop – (www.wsj.com)
Bond insurers look to reinsurance for money – (www.cnnmoney.com)
ARM Resets to Hit the Fan in 2008 - (seekingalpha.com)

Why 2011 might not even be the end - (blownmortgage.com)

America's Big, Fat Housing Inventory - (businessweek.com)

Mortgage Meltdown on the Horizon - (seekingalpha.com)

Markets Plunge on Credit Woes - (nytimes.com)

Housing woes have domino effect - (usatoday.com)

Who are the winners in mortgage mess? - (msnbc.msn.com)

Foreclosure properties pile up in San Fran's East Bay - (eastbay.bizjournals.com)

O.C. foreclosures rising faster than in 90's - (mortgage.freedomblogging.com)

Freddie and Fannie's Achilles' heel - (money.cnn.com)
Citigroup Sells Abu Dhabi Fund $7.5 Billion Stake – (www.bloomberg.com)
Freddie Mac to Sell Stock, Cut Dividend – (ap.google.com)
Wells Fargo Plans $1.4B Charge on Loans – (ap.google.com)
Schumer rips Countrywide – (www.nypost.com)
A Banker in Germany Says Trouble Is Not Over – (www.nytimes.com)
China bank lending curbs ripple through economy – (www.reuters.com)
German banker sees blame for subprime crisis on both sides of Atlantic – (www.iht.com)
BoJ warns of ‘disease’ in world markets – (www.ft.com)
Credit Crunch in Financial Markets is Back, Only Much Worse - (rgemonitor.com)

Banks have billions more in undisclosed risk - (money.cnn.com)

Mortgage Meltdown on the Horizon - (seekingalpha.com)

Markets Plunge on Credit Woes - (nytimes.com)

Housing woes have domino effect - (usatoday.com)

Today I would have closed on our house - (snarkolepsy.blogspot.com)

Pain isn't restricted to struggling houseowners - (usatoday.com)