Monday January 28 Housing and Economic stories

Top Stories:

Bad borrowers send rest of us to poorhouse (protesters protect idiot realtor/assistant teacher with little income who bought $470K house) - (www.bostonherald.com)
Misspent activism (more nonsense about idiot realtor/teacher and misguided protesters) - (www.bostonherald.com)
In face of rally, eviction canceled ... for now (and more nonsense) - (www.bostonherald.com)

US mortgage crisis creates ghost town - (news.yahoo.com/s/afp)
Financial Crisis Poised To Hit Europe - (mish at globaleconomicanalysis.blogspot.com). Mish discusses the following 3 stories
· Crisis grips European hedge funds - (business.timesonline.co.uk)
· Financial crisis to hit 20,000 London jobs - (biz.yahoo.com)
· Landesbanks' subprime exposure 80 billion euros ($117.2B USD) - (www.reuters.com)

New Trend: 'Intentional Foreclosure’ (buying house across street in auction, walking away from existing house) - (www.cbs13.com)
Fannie Watchdog Against Increased Taxpayer Liability For Mortgages - (www.ofheo.gov)
Real Estate Auctions Booming - (mish at globaleconomicanalysis.blogspot.com)
Commercial Real Estate Crash Underway - (mish at globaleconomicanalysis.blogspot.com)
Building Costs Deal Blow to Local Budgets - (www.nytimes.com)
IMF head in shock fiscal appeal - (www.ft.com)
Miami: burning down the house - (eyeonmiami.blogspot.com)
Bank's billions burnt in 10 days - (business.timesonline.co.uk)


Other Stories:

Subprime bailout - (www.washingtontimes.com)
Asian Stocks Fall on Credit-Loss Concerns; Mitsubishi UFJ Drops - (www.bloomberg.com)
Global Recession Risk Grows as U.S. `Collateral Damage' Spreads - (www.bloomberg.com)
Paulson warns Senate on stimulus delays - (www.ft.com)
Bush speech to focus on economic concerns - (www.ft.com)
Credit crunch threatens financial obesity - (www.miamiherald.com)
Fed watchers at a loss about Fed move this week - (www.marketwatch.com)
Saving becomes a campaign issue - (www.latimes.com)
Davos economic forum ends with grim warnings for economic year ahead - (news.yahoo.com/s/afp)
The struggle to hang onto 'American Dream' in mortgage crisis - (news.yahoo.com/s/afp)

O.C. house-building hit 41-year low - (lansner.freedomblogging.com)
Existing House Sales Fall, Prices Drop - (www.bloomberg.com)
S. Florida house prices decline - (www.miamiherald.com)
Key West Realtor Predicts Prices Will Fall Further - (keywestchronicle.blogspot.com)
Bankers, politicians warn of worsening crisis - (www.reuters.com)
Deal Reached To Force More Debt On Public - (www.breitbart.com)
Why Tuesday's Surprise Rate Cut Won't Cut It - (www.seekingalpha.com)
December drop caps worst housing year in decades - (www.marketwatch.com)
No relief so far from corporate earnings - (www.marketwatch.com)
Hedge funds find there is nowhere to hide - (www.ft.com)
Derivatives boom raises risk of bankruptcy - (www.ft.com)
Beware market rally . . . it could be a false dawn - (www.ft.com)
Checks by SocGen missed $73 billion wrong-way bet - (www.reuters.com)

Goldman, Credit Suisse to cut about 2,000 jobs - (www.reuters.com)
Builder Lennar loss swells to $1.25 billion - (www.miamiherald.com)
Housing Slump Starts to Hit Stronger Cities - (online.wsj.com)
Existing Single-Family House Sales Drop - (biz.yahoo.com)
Saving Sears Doesn’t Look Easy Anymore - (www.nytimes.com)
Countrywide Bonds Stir Angst - (online.wsj.com)
SocGen reveals how it was duped in trading scam - (www.reuters.com)
Clayton Cooperates in Wall Street Subprime Probe, Company Says - (www.bloomberg.com)

Is George Soros right that economy is doomed? - (business.timesonline.co.uk)
French Police Search Societe Generale - (www.ap.com)
Pressure on Fortis after subprime loss report - (www.reuters.com)
Kerviel lawyers accuse SocGen of smokescreen - (www.ft.com)
O Wise Bank, What Do We Do? (No Fibbing Now) - (www.nytimes.com)

Bond insurers fall - (www.marketwatch.com)
Heady Real Estate Days Are Behind Us - (www.nysun.com)
Next on Worry List: Bond Insurers - (www.nytimes.com)
Buy America! - (www.sfgate.com)