Wednesday December 12 Housing and Economic stories

Top Stories:

MBIA May Post $4.2 Billion of Losses, Barclays Says - (www.bloomberg.com)
In Cape Coral, a boom gone sour - (www.csmonitor.com)
Interest rate 'freeze' - the real story is fraud - (www.sfgate.com)
Florida to Divert Interest Income to Shore Up Fund - (www.bloomberg.com)
US foreclosures hit record high - (www.dailytimes.com.pk)
Current Mortgage Crisis Surpasses Other U.S. Debt Crises - (www.efinancedirectory.com)
A Story of Declining House Values in Antioch,California - (nalert.blogspot.com)
Credit Crunch Hits Small Businesses - (www.businessweek.com)
Subprimes Force UBS to Write Down $10B - (www.sfgate.com)
Why Not Just Stop Paying Your Second Mortgage In California? - (www.sandiegopredatorylending.com)
Bank of America closing money-market fund - (www.msnbc.msn.com)
Quiet Citigroup deals cut $15bn from its off-balance sheet funds - (www.ft.com) ($)
Toll Scorched in Arizona - (www.thestreet.com)


Other Stories:

Fed set to revamp liquidity support - (www.ft.com)
The overhaul, which follows a negative reaction to Tuesday’s interest rate cut, is likely to take the shape of a new liquidity facility that will auction loans to banks - 05:01
· FOMC statement

Concerns over food inflation as harvests fail - (www.ft.com)
Major fall predicted for US wheat stocks
· Wheat prices raise fears of supply crisis - (www.ft.com)

GE seeks partner for finance division - (www.ft.com)
Profit forecasts fall short
· GE seeks to allay finance arm fears

Freddie Mac facing another net loss - (www.ft.com)
‘We’ve reported really ugly numbers’

Fed Trims Rates 1/4 Point, Disappointing Investors - (www.cnbc.com)
The Federal Reserve cut interest rates a modest quarter point, disappointing Wall Street, which had hoped for more-aggressive action.
Cramer: Fed Doesn't Get It
Pisani: Why Markets Tanked

GE Gives 2008 Earnings Guidance Below Forecasts - (www.cnbc.com)
Subprime Rescue Fund May Attract Only $30 Billion - (www.cnbc.com)
Paulson (friggin idiot – you are causing inflation): China Needs Flexible Yuan to Curb Inflation - (www.cnbc.com)
Fast Money: Exclusive Q&A with Buffett and Clinton - (www.cnbc.com)
Fannie, Freddie CEOs: More Trouble Ahead for Housing - (www.cnbc.com)
NBC Reimburses Advertisers After Ratings Shortfall - (www.cnbc.com)

· Banking climate getting stormy - (tampabay.bizjournals.com)
Housing: a crisis with staying power - (www.csmonitor.com)
DC Area Foreclosures on the Rise - (www.washingtonpost.com)
UBS adds $10 bln in write-downs, gets hefty cash injection - (www.marketwatch.com)
Beware of more 'hidden' mortgage losses - (www.marketwatch.com)
The Unintended Consequences of the Housing Bubble Bursting - (www.oftwominds.com - Charles Hugh Smith)Primer on Subprime Mortgage Accounting Allegations - (www.researchrecap.com)
Income Inequality Caused Depression - (www.tpmcafe.com)
Barbara Boxer Preventing Cheap Housing For Families - (patrick.net)
Even Hot Housing Markets Can Go Cold - (www.businessweek.com)
Depressed housing market is good news for renters - (www.sun-sentinel.com)
Fed Lowers Benchmark Rate by a Quarter Point to 4.25 Percent - (www.bloomberg.com)
Economists Get Gloomier - (www.wsj.com) ($)
Fed Cuts Rates, Seeks New Ways to Thaw Credit - (www.wsj.com) ($)
Housing downturn may hit California hardest, experts warn - (www.sfgate.com)
Mortgage Pain Hits Prudent Borrowers - (www.wsj.com) ($)
ECB lends 3-month funds at highest rate since 2000 - (www.reuters.com)
Mortgage Crisis Forces the Closing of a Fund - (www.nytimes.com)
Ignore Blather, Credit Mess to Spread - (www.thestreet.com)
SIVs Shrink, Easing Concerns About Fire-Sale, Rescue - (www.bloomberg.com)
US high-grade corporate bonds hit record - (www.ft.com) ($)
Subprime hotline gets 45,000 calls in three days - (www.reuters.com)
Sovereign wealth fund put - (www.ft.com) ($)

Freddie Mac Says 4th-Quarter Loss to Be Close to 3rd-Quarter - (www.bloomberg.com)
How the Mortgage Bailout Strains Accounting - (www.cfo.com)
Sheiks Raising Their Stakes In Big Banks - (www.nypost.com)
Freddie Sees $5.5B-$12B More Losses - (www.ap.com)
Mortgage crisis forces big cuts at WaMu - (www.ap.com)
H&R Block delays quarterly filing and sees wider loss - (www.reuters.com)
Housing crisis hits retailers - (www.msnbc.msn.com)
GE seeks partner for finance division - (www.ft.com) ($)
Why Citi May Need a Merger - (www.businessweek.com)
Fannie, Freddie Buying Fewer Bad Loans - (www.ap.com)

China Inflation Reaches 11-Year High, Trade Gap Grows - (www.bloomberg.com)
German Investor Confidence Drops to 15-Year Low - (www.bloomberg.com)
Fears of further writedowns chill the City - (business.timesonline.co.uk)
London banks under pressure from downgrades - (www.ft.com)
UK home affordability hits 15-year low - (www.ft.com) ($)

Adjustment or affliction? - (www.ft.com) ($)
13 reasons Bush's bailout won't stop recession - (www.marketwatch.com)