Thursday February 28 Housing and Economic stories

Top Stories:

Classes of subprime mortgages ruled “structurally unfair” under state law - A Suffolk Superior Court judge has issued a potential landmark ruling that can potentially halt Massachusetts foreclosures and declaring whole classes of subprime mortgages “structurally unfair” under state law - (www.ml-implode.com)
Fannie Mae Has $3.55 Billion Fourth-Quarter Loss - (www.bloomberg.com) – Bad idea? - On same day FNM announces massive 4Q loss, government gives FNM and FRE unlimited abilities to buy back mortgages
Losses appear certain for investors in beach resort - (www.myrtlebeachonline.com) - $7.4M in condo deposits missing as FBI begins investigation of developers.
Paul: Dollar being deliberately destroyed - (www.prisonplanet.com) – good text and Youtube video links of Ron Paul schooling Ben “Helicopter Pilot” Bernanke. Paul argues inflation is killing middle class and is more likely at 16%
Sacramento house prices tumble 28 percent - (www.bizjournals.com)
Pennsylvania Student Loans Halted on Auction Failures - 'The Pennsylvania Higher Education Assistance Agency, the second-largest seller of auction-rate debt for the past seven years, w... - (www.ml-implode.com)
Indonesia warns of unrest as food prices rise - (www.ft.com)
Shea Homes halts development in Santa Clara, Mountain View - (www.bizjournals.com)
UBS Chief: Worst Crisis Since 1929 – (www.ap.com)
FDIC gears up for bank failures as 'problem' banks soar - (www.bloggingstocks.com)
Housebuyer Patience Triumphs in a Waiting Game - (www.bloomberg.com)
States Seek To Soak Taxpayers as Subprime Boosts Interest Rates - (www.bloomberg.com)
The next bubble: Priming the markets for tomorrow's big crash - (www.harpers.org)
Bernanke Calls Plan to Buy Mortgages `Worthwhile' - (www.bloomberg.com)
Small and Midsize U.S. Banks Beginning to Struggle in Credit Crisis - (www.nytimes.com)
Speech Not Actually Free - (www.socalbubble.com) – No free speech for bloggers posting information on house declines
Palm Beach County fell 12% in January - (www.sun-sentinel.com)
Frank wants states to buy foreclosed homes - 'U.S. Rep. Barney Frank wants Uncle Sam to loan states some $5 billion to buy foreclosed homes on the cheap and turn properties ... - (www.ml-implode.com)


Other Stories:

Fitch Places $97B of SF CDOs on Watch Negative on Worsening Mortgage Performance - 'Following continued deterioration in the subprime and Alt-A RMBS markets, Fitch Ratings initiated a global review of 430 struct... - (www.ml-implode.com)
California City Moves Closer to Bankruptcy Filing - ``Vallejo, a city of 135,000 outside of San Francisco, moved closer to bankruptcy after negotiations with its labor unions colla... - (www.ml-implode.com)
A Dry Well: With a Large Firehose Stuck Into It - (www.ml-implode.com)
Regulator Lifts Caps on Fannie, Freddie - (www.ml-implode.com)
Wells Fargo Names Most of California Severely Distressed - (www.ml-implode.com)
Ferrovial Profit Falls 49% on Debt, Building Slowdown - (www.ml-implode.com)
FDIC to add staff to cope with bank failures - (online.wsj.com)

U.S. House Foreclosures Jump 90% as Mortgages Reset - (www.bloomberg.com)
Housing slump causes U.S. to weigh another big bailout - (www.csmonitor.com)
ace of New Home Sales Drops; Months of Supply Nears Three-Decade High - (www.ml-implode.com)
Kass: MBIA Gets Top Rating — Should I Laugh or Cry? - (www.ml-implode.com)
Let market forces work their way to bail the system out - (www.business24-7.ae)
Injecting Accountability into the Credit Crisis - (www.seekingalpha.com)
Latest Case-Schiller Report Shows the Sky is Falling - (www.seekingalpha.com)
New-Home Sales in U.S. Decreased More Than Forecast in January – (www.bloomberg.com)
Mortgage Application Volume Tumbles - (www.ap.com)
Gas Prices Soar, Posing a Threat to Family Budget - (www.nytimes.com)
New Worries on Inflation and Homes - (www.bloomberg.com)
Looks a Lot Like Stagflation… - (www.businessweek.com)
Atlanta home sales slow to trickle - (www.ajc.com)
Businesses, Worried About Economy, Invest Less - (www.nytimes.com)
Bernanke's `Brilliant' Fed Vision Evokes Investors' Frustration - (www.bloomberg.com)
Foreclosure Handouts Rising, as Is Dissent - (www.nytimes.com)
Homes in Bubble Regions Remain Wildly Overvalued - (finance.yahoo.com)
House prices still have a long way to fall - (www.sfgate.com)
Confidence plunges, inflation rate soars - (news.yahoo.com)
As Inflation Rises, House Values Slump, Data Show - (www.nytimes.com)
S&P/Case-Shiller House Prices Fell 9.1% in December - (www.bloomberg.com)
New Monkey, Same Backs - (online.wsj.com)
Rating Changes May Unravel CDOs, Royal Bank Says - (www.bloomberg.com)
A Hedge Fund's Bad Year, Just in January - (online.wsj.com)
Let Houses Find a Bottom - (online.wsj.com)
January foreclosures up 57 percent in year - (www.reuters.com)
Students feel credit crunch too - (www.latimes.com)
Toll Brothers posts loss, CEO notes 'ceaseless' recession talk - (www.marketwatch.com)
A Highflier Loses Altitude as Google’s Clicks Go Flat - (www.nytimes.com)
BMW to cut 5,600 jobs by end of 2008 - (www.ajc.com)
Russia prepares to switch some oil trading from dollars to rubles - (www.iht.com)
Don't let inflation sneak up on your savings - (www.telegraph.co.uk)
Inflation May Be Worse Than We Think - (online.wsj.com)
Housing upheaval: a tale of two homes - (www.latimes.com)

Wednesday February 27 Housing and Economic stories

Top Stories:

Yes, there is no inflation as US Government inflation CPI status show between 3 – 4 % J
· Dollar Falls to Record Low of $1.50 per Euro on Rate Outlook - (www.bloomberg.com) – while the Fed devalues the US Dollar, all commodities are hitting all time record highs
· Oil Rises Above $100 to Record Close A(www.ft.com)er the Dollar Declines - (www.bloomberg.com)
· Wheat Breaches $12 for First Time A(www.ft.com)er Biggest Gain Since 2002 - (www.bloomberg.com)
· Healthcare bills may hit $4 trillion by 2017 - (www.boston.com)
· U.S. Consumer Confidence Declines to Five-Year Low - (www.bloomberg.com) – Obviously, the consumer is feeling the inflation and home price declines

And our politicians continue to pitch and endless array of bailouts:
· States May Seek Congress's Aid as Subprime Fallout Boosts Costs - (www.bloomberg.com)
· Aid on home loans sought - (www.latimes.com)
· After subprime debacle, U.S. wrestles with question of bank bailouts - (www.ml-implode.com)
· Ambac Rescue Involves Others Besides Exposed Banks - (www.ml-implode.com)

California City Moves Closer to Bankruptcy Protection Filing - (www.bloomberg.com)
MBIA Freezes Structured Finance Business, Wipes Dividend - 'Talk about putting a market into the deep freeze. MBIA Inc., the nation’s largest bond insurer and one of the giants in the mor... - (www.ml-implode.com)
Home prices plunge at record rate in 2007: S&P - (www.bloomberg.com)
Bank Profits Plunge 84 Percent in 4Q - (www.ap.com)
Idaho home foreclosures up 92 percent from January 2007 - (www.idahostatesman.com)
Another Off-Balance Sheet Time Bomb: VIEs - 'Despite the sudden flurry of worry in the press, triggered by the release of Citigroup's 10K, VIEs, or variable interest entiti... - (www.ml-implode.com)
Countrywide Puts an End to Ski Junket - (www.nytimes.com)
Existing House Sales "Slipped" 23.4% - (seekingalpha.com)
Borrowers Are Out In the Cold - (www.newsweek.com)
Commentary: Not Your Garden Variety Foreclosures - 'GEA poses an interesting question as to whether the FICO system has lost its mind or if maybe there’s a larger issue at work. A... - (www.ml-implode.com)


Other Stories:

Diebold Accidentally Leaks Results Of 2008 Election Early - This is hysterical:or not - (www.ml-implode.com)
Countrywide Eliminating the Option ARM? - (www.ml-implode.com)
Treasury Notes Rise as Consumer Confidence, Home Prices Fall - (www.bloomberg.com)
U.S. Home Foreclosures Jump 90% as Mortgages Reset - (www.bloomberg.com)
Jackson House To Be Auctioned - (www.ml-implode.com)
Fitch Downgrades $8.1 Billion from 10 Ameriquest Subprime RMBS Deals - (www.ml-implode.com)
Fresh doubts arise over Fed tactics - (www.ft.com)

S&P/Case-Shiller Home Prices Fell 9.1% in December - (www.bloomberg.com)
Kohn Says Slow Growth `Greater Threat' Than Inflation - (www.bloomberg.com)
Home Prices in Government Index Fall Most Since 1991 - (www.bloomberg.com)
C.A.R. Reports Sales Decrease 29.8 Percent, Median Home Price Falls 21.9 Percent - Newsobserver.com
No end in sight: Housing in freefall until credit loosens - (www.iht.com)
Gradual house price drop is good: Shiller - (www.reuters.com)
Orange County Prices Continue To Drop - (www.ocbj.com)
Existing House Sales Decline - (www.sfgate.com)
Existing house sales slip and prices tumble - (www.reuters.com)
A sobering 12-step scenario - (www.financialweek.com)
The Credit Crunch Explained - (www.irvinehousingblog.com)

The Ben Bernanke Show - (www.forbes.com)
Foreign Funds Face Scrutiny - (online.wsj.com)
Steel to plastics price rises start to hurt industry - (www.ft.com)
Home Depot Fourth-Quarter Profit Falls on U.S. Housing Slump - (www.bloomberg.com)
Citi's Hits: 15 Times $100 Million - (online.wsj.com)
Nordstrom Bracing for Tough 2008 - (www.chicagotribune.com)
Ford Is Pushing Buyouts to Workers - (www.nytimes.com)
Visa proposes largest IPO in U.S. history - (www.chicagotribune.com)
Fears that $3bn may not be enough to save Ambac - (business.timesonline.co.uk)
Scripps shutters Albuquerque Tribune amid slowdown - (www.reuters.com)
House Resales Fall to Nine-Year Low - (www.bloomberg.com)
House Resales and Prices Decline - (www.nytimes.com)
Still Pretending - (jameshowardkunstler.typepad.com)
Mortgage Crisis Triggers Walk Aways - (www.joelkotkin.com)
NY attorney general near Fannie, Freddie deal - (www.reuters.com)
Germany's Ifo business sentiment index posts unexpected rise - (www.marketwatch.com)
AAA Oligopoly - (online.wsj.com)
Fear sends credit spreads soaring - (theaustralian.news.com.au)
The Un-Credible Fed - (www.minyanville.com)

Tuesday February 26 Housing and Economic stories

Top Stories:

Ambac Named 2007 Monoline of the Year by ISR - You gotta be kiddin me - (www.ml-implode.com)
Defaults catch residents by surprise - (www.venturacountystar.com) – Sad story of 74 year old man losing home, but poor sap is truly an idiot who refinanced his home 4 times in 6 years to extract more equity and then blames the lender. All the clowns in this story have one thing in common. They are blaming everyone except themselves. They discuss being “coaxed” into buying their homes, and blaming the realtors and lenders.
Banks want "an epic rescue plan" - (latimesblogs.latimes.com)
Fed's Interest Rate Cuts Add To Counties' Budget Strain - (www.washingtonpost.com) – More unintended side effects of Fed’s ultra low interest rates.
Variable-rate note market now freezing-sources - ``the market for variable-rate demand notes has split in two, with credit-worthy paper at times fetching yields that are lower t... - (www.ml-implode.com)
More Americans crack open 401(k) nest eggs - (www.chron.com)
U.S. Home Resales Fell 0.4% to 9-Year Low in January - (www.bloomberg.com)
Bank of America Asks Congress for a $739 Billion Bank Bailout - (Mish)
15,255 Foreclosures For Sale on Countrywide Website - (countrywide-foreclosures.blogspot.com)
Houseowners Losing Equity Credit Lines - (www.washingtonpost.com)
Further underwater soon? - (www.nytimes.com)
Suburbs: The Next Slum? - (www.theatlantic.com)
Lenders Fighting Mortgage Rewrite - (www.washingtonpost.com)
Rescues for Homeowners in Debt Weighed - (www.nytimes.com)
Banks Fail To Prove Loans Exist - (www.bloomberg.com)


Other Stories:

S&P Sniffs Horse Hockey, Calls It A Rose - [2008-02-25] - 'Citing ability to raise $3 billion in capital (a deal that is not even finalized), and in the face of monolines holding $70-$15... - (www.ml-implode.com)
How Extraordinary - 'What is this Home Owners' Loan Corporation and why do we supposedly need it? The HOLC was part of the Home Owner's Refinancing ... - (www.ml-implode.com)
S&P Cuts Bank of Montreal, Standard Chartered SIV - (www.ml-implode.com)
Sorting the Victims From Those Who Volunteered - (www.nytimes.com)
Fannie and Freddie Losses To Offer Gauge on Defaults - (www.sott.net)
Which is the Most Accurate House Price Index? - (seekingalpha.com)
Where housing is headed - (money.cnn.com)
Record number of houseowners say their houses depreciated - (news.moneycentral.msn.com)
One in 10 mortgages is under water - (news.yahoo.com)
The Collection Agency - (www.ml-implode.com)
Credit Lines Dry Up, Homeowners In Withdrawal - (www.ml-implode.com)
The Irony Of It All - (www.ml-implode.com)
End Of The Line - (www.ml-implode.com)
Will bankruptcy judges get the power to modify the terms of troubled borrowers’ mortgages? - - (www.ml-implode.com)

Top economists see signs of recession - (www.boston.com)
Bernanke, Bush Fail to Build Better Economy With Cuts, Stimulus - (www.bloomberg.com)
Spending habits: Americans at all income levels tighten their belts - (www.csmonitor.com)
House flu hits down under - (business.theage.com.au)
Comments on bailout for irresponsible debtors - (community.nytimes.com)
After subprime debacle, U.S. wrestles with question of bank bailouts - (www.iht.com)
Housing bailout can't really be a good idea - (www.marketwatch.com)
Government's lone fiscal watchdog resigns - (www.marketwatch.com)
Strapped Americans turn to retirement accounts - (www.nypost.com)
L.A.'s upscale downtown delayed - (www.latimes.com)
Auction-Rate Bonds Force `Predatory' Yields on Cities - (www.bloomberg.com)
Banks face problems foreclosing due to loan packaging short cuts - (www.bloomberg.com)
More ARS Put on Ice - (www.cfo.com)
New York Merchants Embrace Euro - (www.washingtonpost.com)

MBIA Removed From Review at S&P, Ambac May Be Cut - (www.bloomberg.com)
MBIA Plans to Split Asset-Backed, Municipal Units - (www.bloomberg.com)
Companies Curtailing Travel Budgets - (www.chicagotribune.com)
Goldman's Profit Magic May Be Fading - (online.wsj.com)
Are Insurers Credit Crunch's Next Victim? - (www.thestreet.com)
Lowe's profit falls 33.4 percent in 4Q on housing slump - (www.ajc.com)
Lowe's Net Falls; Earnings Forecast Trails Estimates - (www.bloomberg.com)
GS Analyst Downgrades Fannie, Freddie - (www.forbes.com)

Monday February 25 Housing and Economic stories

Top Stories:

Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish - (www.bloomberg.com)
Housing stimulus - (www.ml-implode.com) - 'A substantial tax credit for home buyers is likely to be part of any second economic stimulus package enacted by Congress.'
Homeowners Losing Equity Lines - (www.washingtonpost.com)
Zwirn Shuts Hedge Funds After Clients Pull $2 Billion - (www.bloomberg.com)
A Sign Of Buyer Sentiment - (thehousingbubbleblog.com)
Foreclosures top sales in Las Vegas - (www.lasvegassun.com)
Deputies called to oust foreclosure squatters - (www.avpress.com)
States and FBI Preparing Loan Fraud Crackdown - (www.lasvegassun.com)
Rescues For Foolish Borrowers Weighed - (www.nytimes.com)
Mortgage rates skyrocket - (www.bankrate.com)
Leveraged Loans Loom Large - (www.businessweek.com)
Citigroup Aids Internal Funds In Credit Crisis - (online.wsj.com)


Other Stories:

Credit Card Reform Is Coming - (mish at globaleconomicanalysis.blogspot.com)
"Free Lunch" Era Is Over - (mish at globaleconomicanalysis.blogspot.com)
More Budget Cuts in California, New Jersey, and Florida - (mish at globaleconomicanalysis.blogspot.com)
Banks Freezing HELOCs - (http://calculatedrisk.blogspot.com) - 'Several of the nation's largest lenders, along with smaller ones, are shutting off access to home equity lines in areas where h...
MBIA enters the Bermuda triangle - (www.ml-implode.com) - 'MBIA (MBI) dropped 6% in trading Friday, a day after the bond insurer raised eyebrows by dropping out of a trade group it had b...
Senate plans foreclosure bill debate next week - (www.reuters.com) - The Democratic-led U.S. Senate plans to begin debate next week on a home mortgage foreclosure-prevention bill that would let ban...
Moody's cuts Channel Re, MBIA's reinsurer - (www.reuters.com)
Ambac "rescue" could be announced Mon or Tues: report - (biz.yahoo.com)
Congress to grill Mozilo, O'Neal, Prince over pay - (money.cnn.com)
The Negative Feedback Loop of the Housing Crisis and the Credit Crunch - (www.ml-implode.com)
Did The Auditors Trigger The Sell-Off of Auction Rate Securities? - (dealbreaker.com)
GMAC, ResCap cut deeper into junk by S&P - (www.reuters.com)

German State-Owned Banks on Verge of Collapse - (www.spiegel.de)
Economist sees house prices down 20 percent - (www.reuters.com)
This crash is like the others before it - (economics.harvard.edu)
Nervous times persist amid fears of the R-word - (www.ft.com)
Hedge Funds Feel New Heat - (online.wsj.com)
Rise in steel prices as raw material costs surge - (www.ft.com)
Florida Schools, California Convert Auction-Rate Debt - (www.bloomberg.com)
Meteoric Zwirn falls down to earth - (www.ft.com)
Regulator checking into auction rate securities - (www.cfo.com)
CMBX Signals Trouble In Commercial Property; 'Doesn't Make Sense' - (online.wsj.com)
Jumbo loan rates still in the air - (www.latimes.com)
AQR's Biggest Hedge Fund Fell Almost 15% Through Mid-February - (www.bloomberg.com)
Task force will study how to create S.D. land bank - (www.signonsandiego.com)
The breakdown of Wall Street alchemy - (www.atimes.com)
Analysts see trouble at investment banks - (news.moneycentral.msn.com)
Bond Insurer Plans a Split to Protect Ratings - (www.nytimes.com)
Fannie and Freddie Losses To Offer Gauge on Defaults - (online.wsj.com)
Merrill warns on Fannie, Freddie stock - (www.latimes.com)
GMAC Credit Rating Falls Deeper Into Junk - (online.wsj.com)
New tactic: Don't forgive debt; postpone repayment - (money.cnn.com)
FBI Will Not Go After Borrowers Who Lied - (homeguide123.com)
Has housing lost its investment appeal? - (lansner.freedomblogging.com)
The Inflation Con Game - (seekingalpha.com)
That 70's Look: Stagflation - (www.nytimes.com)
Ambac May Get $3 Billion in New Capital, Person Says - (www.bloomberg.com)
CIFG's Aaa Insurer Rating May Be Cut, Moody's Says - (www.bloomberg.com)
MBIA vocal about splitting business - (www.thestreet.com)
Lenders axe 100%-plus home loans - (www.ft.com)
Credit crunch contagion has bonds cover at record high - (business.timesonline.co.uk)
Zillow estimate of $200,500 is very wrong: - (www.zillow.com)
Same house is actually for sale at $137,900 - (realestate.yahoo.com)
A ‘Moral Hazard’ for a Housing Bailout: Sorting the Victims From Those Who Volunteered - (www.nytimes.com)
Moral difficulties of unwinding financial crises - (www.ft.com)
The Double Standard in Crisis Resolution - (www.nytimes.com)

Friday February 22 Housing and Economic stories

Top Stories:

Owners strip houses before banks take them back - (www.sptimes.com)
Mortgage Rates Spike Despite Rate Cuts - (www.seekingalpha.com)
Calif. budget deficit grows to $16B - (www.businessweek.com)
Dresdner Rescues $19 Billion SIV, Follows Citigroup - (www.bloomberg.com)
Dresdner questions future of SIVs - (www.ft.com)
Proposal would invest pension funds in start-ups - (www.startribune.com)
KKR works to resolve credit crunch - (www.nypost.com)
Whistle-blower Web site ordered shut down - (www.ml-implode.com)
Free rent to care for vacant houses? - (www.hometenders.net)
Philadelphia Fed Index Falls to Lowest Since 2001 - (www.bloomberg.com)
Mortgage demand plunges as interest rates soar - (news.yahoo.com)
German State-Owned Banks on Verge of Collapse - (www.ml-implode.com)
Now not time for mortgage bailout: Treasury - ``now is not the time to create a federal backstop for falling property values, a senior Treasury official said on Thursday.'' -... - (www.ml-implode.com)
Conned into a deeper mortgage mess - (www.chron.com)


Other Stories:

FBI Will Not Go After Borrowers Who Lied on Mortgage Applications - Too many of them. Guess this means Casey is off the hook! - (www.ml-implode.com)
ACA Capital Forbearance Extended until April 23, 2008 - The bond insurer still needs $1.7B. Third time's a charm... everyone knows the markets will be fully recovered by April 23! - (www.ml-implode.com)
Hovnanian: U.S. housing bottom at year end - 'Hovnanian Enterprises Inc's chief executive said on Thursday he sees a challenging U.S. housing market for the next two years, ... - (www.ml-implode.com)
Pain in the ARS - 'The ARS (Auction Rate Security) market has frozen up since then and the municipal bond market itself has frozen up as a result ... - (www.ml-implode.com)
Countrywide Scaling Back Wholesale? - (www.ml-implode.com)
Foreclosure prevention plan under attack - (www.ml-implode.com)
Freddie Mac Portfolio Shrinks, Delinquencies Rise - (www.ml-implode.com)
Non-Agency Mortgage Bond Holdings Jump $48 Billion at Big Banks - (www.ml-implode.com)
Mortgage Servicers Need to Change Their Mob-Like Collection Techniques - (www.ml-implode.com)
Rising Inflation Limits the Fed as Growth Lags - (www.nytimes.com)
Fed Reins in Growth Forecast - (www.washingtonpost.com)
Fed cuts trigger inflation - (www.thestreet.com)
Fixed-rate mortgages take big jump - (www.marketwatch.com)
Credit crisis hits Main Street - (money.cnn.com)
Prices pose dilemma for Fed - (www.latimes.com)
Patrons cut back on tipping - (www.ajc.com)
Food, fuel costs erode workers’ real earnings - (www.ap.com)

Regulators Probe Funds After Failed Auctions Draw Ire - (www.bloomberg.com)
High-Grade Debt Anxiety - (online.wsj.com)
Corporate-Bond Risk Gets Trickier - (online.wsj.com)
Auction-Rate Debt Succumbs to Bid-Rig Taint as Citigroup Flees - (www.bloomberg.com)
Auction-Rate Headaches – (online.wsj.com)
Markets assess the costs of a monoline meltdown - (www.ft.com)
Cities hurt by muni bond woes - (money.cnn.com)
Our Economic Dilemma - (online.wsj.com)
Supreme Court rules workers can sue over 401(k) losses - (www.latimes.com)
FL: Lobbyists take in $200M - (www.stateline.org)
California Housing Prices - (bp0.blogger.com)
California median house price down 17 percent - (last paragraph) - (www.businessweek.com)
California in a Freefall - (www.lendingsanity.com)
Lots And Lots To Worry About - (www.raymondjames.com)
Why Wall Street rescues are failing - (articles.moneycentral.msn.com)
Credit Default Swaps: Is Your Fund at Risk? - (www.businessweek.com)
Allianz Q4 net halved as subprime hits Dresdner - (www.reuters.com)
Behind the Mess at UBS - (www.businessweek.com)
SocGen Reports Record Loss on Trading, Writedowns - (www.bloomberg.com)
Big unwind may lift cost of corporate borrowing - (www.ft.com)
Mammoth tax evasion probe widens - (www.ft.com)
British Banks Face Two Problems - (www.businessweek.com)
Mortgage application volume plummets - (www.businessweek.com)
Fed's Poole Warns Rate Cuts Bring Inflation "Costs" - (www.bloomberg.com)
Inflation gathers steam, housing slides - (news.yahoo.com)
US Fed slashes growth forecasts - (news.bbc.co.uk)
You Get the Government You Deserve - (finance.yahoo.com)
If things are bad, how come we're shopping? - (www.business24-7.ae)
Living In Luxury In Shaky Real Estate - (www.kutv.com)
Higher conforming mortgage limit won't help many - (www.marketwatch.com)
Subprime loans failing even before resets - (money.cnn.com)
Credit Market Bottom Nowhere In Sight - (www.seekingalpha.com)
The NAR is the Black Knight; The housing crash is Arthur - (www.youtube.com)

Thursday February 21 Housing and Economic stories

Top Stories:

Owners strip houses before banks take them back - (www.sptimes.com)
Homeless Woman Approved for $470,000 Mortgage - (efinancedirectory.com)
Mortgage crisis: Don't forgive debt; postpone repayment - Feb. 20 ... - (www.cnn.com) - another idiotic plan if you can believe it
California's Budget Deficit Widens to $16 Billion - (www.bloomberg.com) – But California agrees to cuts to cut about $100M from deficit
Idaho resort's owners file for bankruptcy - (www.idahostatesman.com)
Wall Street Abandons Neediest Clients as Banks Withdraw Credit - (www.bloomberg.com)
KKR Seeks to Restructure Debt - (online.wsj.com)
Slowdown Hits Towns at Outskirts of Texas Boom - (www.nytimes.com)
Countrywide delinquency rate hits 7.47% - (money.cnn.com)
GMAC to slash American workforce - (www.ft.com)
Sharper Image Files for Bankruptcy After Sales Fall - (www.bloomberg.com)
More companies with debt ratings problems - (www.cfo.com)
Vallejo On Brink Of Bankruptcy - (www.nbc11.com)
Ohio AG Eyeing Fannie Mae, Will Expand Mortgage Probe - [2008-02-20] - Regarding Fannie, Dann said at the Reuters Housing Summit in New York that “it appears that they also failed to advise their… - (www.ml-implode.com)


Other Stories:

Fed Saw Need for Low Rates `For a Time,' Minutes Say - (www.bloomberg.com)
Housing Cycle Is Caught in Vicious Circle - (online.wsj.com)
Subprime loans defaulting even before resets - (money.cnn.com)
Mortgage applications down 22.6% last week: MBA - (www.marketwatch.com)
Valley new-home sales sank lower still in January - (www.arizonarepublic.com)
Report: California woes to last til 2009 - (www.businessweek.com)

Fresh credit market turmoil - (www.ft.com)
Pressure builds over CDS settlements - (www.ft.com)
Overview: Turmoil as credit spreads hit record levels - (www.ft.com)
Junk Borrowers at Risk of Violating Covenants Rises - (www.bloomberg.com)
Standard Chartered Abandons Funding $7.15 Billion SIV - (www.bloomberg.com)
Gauging the Worth of 'Market Value' - (online.wsj.com)
Wall Street Faces $30 Billion Hit from Bond Insurer Crisis - (www.nytimes.com)
Housing Cycle Is Caught in Vicious Circle - (online.wsj.com)
Mortgage Lenders Toast Wall Street with Kool Aid - (www.seekingalpha.com)
Turning a Costly Blind Eye to Mortgage Speculators - (www.seekingalpha.com)
Median LA listing prices down $110K from peak - (latimesblogs.latimes.com)
Preventing foreclosures: Why bother? - (latimesblogs.latimes.com)
The REAL American Dream: It's NOT Owning A House! - (www.erica.biz)
Forclosure Map Of Vegas - (www.foreclosurepulse.com)
Pressure builds over CDS settlements - (www.ft.com)
Treasury Prices Fall Hard, Reflecting Investors' Worries - (online.wsj.com)
More people are tapping their 401(k) for cash - (www.msnbc.nbc.com)

U.S. thrifts post record $5.24 bln quarterly loss - (www.reuters.com)
KKR Financial Delays Repayments, Starts Negotiations - (www.bloomberg.com)
Bear faces fresh legal challenge - (www.ft.com)
A Gift Horse For Fannie & Freddie? - (www.forbes.com)
Analysts See Trouble at Investment Banks - (www.ap.com)
Banks quietly borrow $50 billion from Fed - (news.yahoo.com)
Signs Point To Banking Crisis Getting Much Worse - (www.247wallst.com)
America's economy risks the mother of all meltdowns - (news.yahoo.com)
Wall Street Faces Fury Over Subprimes - (biz.yahoo.com)
Wachovia's big mortgage buy - (www.fortune.com)
Rising US inflation puts brakes on steep rate cut - (business.timesonline.co.uk)
True cost of writedowns yet to emerge - (www.ft.com)
China's Price Rise Is Fastest Since 1996 - (online.wsj.com)
Our Economic Dilemma - (online.wsj.com)
Auctions Yield Chaos for Bonds - (www.nytimes.com)
Loans go bad as English housing bubble pops - (www.latimes.com)
Inflating Away Debt - (www.minyanville.com)
Midwage jobs vanish in Silicon Valley - (www.sfgate.com)
Obama says Clinton's housing plan helps rich - (www.reuters.com)
Housing: Is it Going to Get Worse Before it Gets Better? - (www.seekingalpha.com)