Friday February 15 Housing and Economic stories

Top Stories:

Cramer Video Takedown Contest (please see my videos to the left of classic clueless Cramer) - (www.ml-implode.com)
``Apparently TheStreet.com doesn't like it when web sites use clips of their show to reveal their boy Jim's – how shall we say – "inconsistency." TheStreet.com doesn't mind sites using clips of TheStreet.com that are complimentary of Jim. It's only the critical videos that violate TheStreet.com's copyright.''
US Treasury, agency debt issuance to explode - UBS - 'Issuance of top-rated debt sold by the U.S. government and its chartered enterprises, such as Fannie Mae... - (www.ml-implode.com)
Not a surprise, as banks to ask government to take bad loan risk: report - (www.reuters.com)
Auto-Loan Delinquencies Hit 10-Year High (can this have something to do with auto dealer no-interest financing options the past 7 years?) - (www.ap.com)
Repo lots overflow with reclaimed cars - (www.usatoday.com)
Moody's cuts FGIC's "AAA" insurer rating – (www.reuters.com)
Property at heart of financial storm - (www.ft.com)
Monolines given five days to find funds - (www.ft.com)
Banks advised to walk away from big deals – (www.ft.com)
Pension funds face a shortfall of billions - (www.ft.com)
Bush Admin Eliminates Economic Indicators (first M3 money supply) - (www.thinkprogress.org)
Bush Administration Hides More Data, Shuts Down Website Tracking U.S. Economic Indicators. The Bush administration’s latest move is to simply hide the data. Forbes has awarded EconomicIndicators.gov one of its “Best of the Web” awards. Yet Bush Admin has decided to shut down site due to budget constraints.
Tounge-in-cheek - We Need a House Price Decline Moratorium Plan (can clueless politicians dictate this as a new bailout) ;-) - (www.seekingalpha.com)
GMAC May Face `Substantial Difficulty,' Cerberus Says - (www.bloomberg.com)
Collapse: L.A. housing prices drop 16.7% in five months (sales down 50% from a year ago) - (latimesblogs.latimes.com)

Important enough to bear repeating: States, Municipalities, and Students paying more for debt:
· Turmoil in Munis - Auction-Bond Failures Roil Muni Market, Pushing Rates to 20% - (www.bloomberg.com)
· Overview: Failed muni bond auctions deepen crises - (www.ft.com)
· Debt crisis spreads to US municipalities - (www.ft.com)
· UBS Won't Support Failing Auction-Rate Securities – (www.bloomberg.com)
· Merrill Reduces Support for Auction-Rate Securities, People Say - (www.bloomberg.com)
· Credit Woes Hit Student Loans – (online.wsj.com)
· U.S. States' Credit Rating Outlook Turns Negative, Moody's Says - (www.bloomberg.com)


Other Stories:

Predatory Lenders' Partner in Crime – (www.washingtonpost.com) , Eliot “litigate against everyone to make up NY budget shortfall” Spitzer - Notice that most of the toxic debt originated from companies in Spitzer's home state (NY)
Dinallo Considers Breaking Up Bond Insurers; MBIA Doth Protest - ' ``Our first priority will be to protect the municipal bondholders and issuers,'' according to Dinallo's testimony. ``We cannot... - (www.ml-implode.com)
Where is the money? - (www.ml-implode.com)
Dealers widen spreads to sell 08's first CMBS - (www.ml-implode.com)
ML-Alert: The Dirt On Saxon, and Much More - (www.ml-implode.com)
UBS shocks investors with risky debt exposures - (www.ml-implode.com)
Is Your Home Still Your Castle As Foreclosures Rise - (www.ml-implode.com)

Debt Crisis Hits a Dynasty - (online.wsj.com)
SoCal median house sale price (1988-2008) - (www.latimes.com)
Side Effect of Government Policy - Action Urged on Soaring Grains Prices – (online.wsj.com)
Americans See House Prices Go Below Mortgage - (www.bloomberg.com)
Morgan Stanley cuts 1,000 mortgage jobs - (news.yahoo.com)
Buffett Bids to Back Bonds - (optionarmageddon.blogspot.com)
Auction-Bond Failures Roil Munis, Pushing Interest Rates Up - (www.bloomberg.com)
Fannie Mae Escrow Grab Exposes Shareholders to 24% Loss in Suit - (www.bloomberg.com)
Foreigners buying U.S. assets - (money.cnn.com)
Natural Gas Soars to 15-Month High on Outlook Demand Will Rise - (www.bloomberg.com)
Bay Area home sales fall to 20-year-low - (www.sfgate.com)
Home prices in steepest quarterly drop - (money.cnn.com)
More Households Falling Behind In Heating Bills - (online.wsj.com)
Correlation crisis could leave banks biggest losers - (www.ft.com)
O.C. house prices plummet to April 04 level - (lansner.freedomblogging.com)
SoCal house sales plunge in January to 20-year low - (www.businessweek.com)
Deepening Dive in House Sales - (s.wsj.net)
Foreclosure Rate Soars 122% in Raleigh - (www.wral.com)
Paulson: 'The worst is just beginning' - (latimesblogs.latimes.com)
Paulson said WHAT? - (jessescrossroadscafe.blogspot.com)
Risk aversion hits highest levels - (www.ft.com)
Credit Woes Hit Tender Spot - (online.wsj.com)
Government bail-out of bond insurers ‘not planned’ - (www.ft.com)
Warnings over auction-rate securities - (www.ft.com)
US credit crisis escalates as defaults spread - UK Telegr(www.ap.com)

Bank of America CEO: 'even chance' economy is in a mild recession - (www.signonsandiego.com)
UBS Falls to 4-Year Low as Subprime Markdowns Cause Record Loss - (www.bloomberg.com)
US banks braced for a battering in storm - (www.ft.com)
Europe's Economic Expansion Slowed in Fourth Quarter - (www.bloomberg.com)
German Bank Receives Its Third Bailout - (www.nytimes.com)
China's Money Supply Growth Surges Ahead of Holiday - (www.bloomberg.com)

Unhappy scenario of a spiralling daisy-chain of hedges – (www.ft.com)
Bye bye American Pie: students become the next victims of the credit crunch - (www.guardian.co.uk)
Financial engine failure - (www.economist.com)