Monday January 14 Housing and Economic stories

Top Stories:

MBIA Pays 14 Percent Yield on Sale of Surplus Bonds - Bloomberg
Clearing loan woes a big task. – (www.chicagotribune.com)
FBR Subprime Unit (First NLC) to File for Bankruptcy - ``FBR made a $550 million bet on the subprime market in 2005. Much of that investment has been lost.' – (www.ml-implode.com)
Is Standard Pacific Contemplating Bankruptcy? – (www.ml-implode.com)
Countrywide employees are nervous - LA Times
Mayors face test of spreading foreclosures - Reuters
Inquiry Focuses on Withholding of Data on Loans - NY Times
Citi looks to secure further $14bn in new capital - FT
Big Payday Awaits Chairman After Countrywide Sale - LA Times


Other Stories:

Weekend Contemplation - Of Pyramid Schemes, Modern Banking, and Do We Have Any More Risk Takers Left? - [2008-01-12] - ' Pyramid schemes and chain letters collapse because there is no more credit to feed them - (www.ml-implode.com)
Gold hits another record high -- just shy of $900 – (www.reuters.com)
Euro Gains Versus Dollar on Bets Fed to Cut Rate Below Europe's - Bloomberg
No Quick Fix to Economic Downturn - NY Times
MY NOMINEE FOR THE KEN LAY AWARD--AND A PRISON TERM - [2008-01-12] - 'I nominate Angelo Mozila, Chairman and CEO of the biggest player in the sub-prime fraud for this year's inaugural award.'
New York probes Wall St. banks over suprime data - (www.ml-implode.com)
Bank earnings to be hit as mortgage woes spread – (www.ml-implode.com)
B of A and Countrywide – This is Round 1 of the Bank Mergers of 2008 and 2009 – (www.ml-implode.com)

Odds Are Growing for Economic Recession - AP
Many new mortgages dubbed subprime - FT
N.Y., Connecticut Probing Wall Street Subprime Loan Disclosures - Bloomberg
This is not merely a subprime crisis - FT
Behind Bank of America's Big Gamble - WSJ
Citi Looking Abroad For Major Investors - WSJ
Bank of America’s Chief Makes Big Bet - NY Times
Escalating Losses Force Citigroup to Seek More Foreign Investment - NY Times
Countrywide's White Knight - Newsweek
Citi looks to secure further $14bn in new capital - FT
Kuwait set to invest as Merrill seeks $4bn - FT
Cruel Jokes, and No One Is Laughing - NY Times
For CEOs, failure can be lucrative - LA Times
Warning lights - Economist