Friday February 8 Housing and Economic stories

Top Stories:

Labor Dept. sees new way to fight hiring of illegals / Pay for legal foreign farm-workers could go lower (already below minimum wage) ... - (www.sfgate.com)
- Either drop all minimum wages for all industries or make agriculture industry play by same rules

Subprime Woes Just Beginning, PwC Warns - (www.cfo.com)
"Euros Accepted" signs pop up in New York City - (www.reuters.com
Modern Day Robin Hood - Liberating foreclosed houses - (www.cbs4.com)
Prices down 20% in Hawaii - (www.honoluluadvertiser.com)
GOP filibuster blocks Senate bill to change mortgage loan limits - (www.heraldtribune.com)
Sold a Nightmare - (www.charlotte.com)
Bigger is not always better, says Texas builder - (www.thestate.com)
New Records for Weekly Foreclosure Activity in California - (eastbayhousingbubble.blogspot.com)
Security Capital's Bond Insurer Loses Aaa at Moody's - (www.bloomberg.com)
MGIC Says Sales May Fall as It Seeks to Reduce Losses - (www.bloomberg.com)
D Bank chief warns of monoline ‘tsunami’ - (www.ft.com)
FDIC Chairperson Bair: "Housing Crisis Has Just Begun" - '“foreclosures continue at an unacceptably high level while true loan modifications are lagging”, but that’s just the tip of the... – (www.ml-implode.com)



Other Stories:

Bear Stearns Faces Indictment Over Collapsed Hedge Funds - (www.ml-implode.com)
Moral Obligations Of Walking Away - (www.ml-implode.com)
Northern Rock blows a hole in Chancellor's debt pledge - (www.ml-implode.com)
Elites Float U.S. Bank Bailout Plans - (www.ml-implode.com)
Exploding ARMs Roil Bernanke's Drive to Calm Markets - (www.ml-implode.com)

Chart Fun With the S&P Case-Shiller Home Price Index - (www.seekingalpha.com)
Wachovia knew of fraud - (www.nytimes.com)A follow up to the "Economic Stimulus Bubble" - (www.patrick.net)
Praise Jesus, the machine's still working - (www.sfgate.com)
Some New York stores taking euros - (www.reuters.com)
Low Marks for Bernanke - (online.wsj.com)
Banks may take bond insurers stake in rescue - Banks are considering ending bond insurers' guarantees of their subprime investments in return for taking stakes in the trouble... - (www.ml-implode.com)
Freddie, Fannie debt may pose risk to economy - 'The housing slump has compelled the two entities to buy up mortgages on the secondary market that banks are backing away from. ... - (www.ml-implode.com)

Economists Raise the Odds of a Recession to 49% - (online.wsj.com)
U.S. economy's descent steepens - (www.iht.com)
Further losses seen on leveraged loans - (www.ft.com)
S&P unveils ratings overhaul - (www.ft.com)
Tips shows Fed focus is on gloomy growth - (www.ft.com)
Buffett sees financial woes as 'poetic justice' for some bankers - (www.iht.com)
Troubled borrowers are walking away from their houses - (money.cnn.com)
These Loans Were Made for Walking - (www.commondreams.org)
Western Cities Top U.S. Home Price Declines - (www.seekingalpha.com)
Treasury Won't Take on Monoline Crisis - (www.ap.com)
Hedge Funds Lost 1.8% Last Month as Global Stock Markets Fell - (www.bloomberg.com)
Moody’s forecasts bleak year for ratings - (www.ft.com)
S&P to unveil ratings overhaul -papers - (www.reuters.com)
Mortgage applications shoot up - (www.latimes.com)
States Say Mortgage Companies Fall Short on Loan Modification - (online.wsj.com)


MBIA Sells $1 Billion in Shares at $12.15 to Save AAA Rating – (www.bloomberg.com)
Monolines rescue efforts might be in vain – (www.ft.com)
D.R. Horton Swings to 1Q Loss on Charges - (www.chicagotribune.com)
Tighter Rein on Fannie, Freddie Mulled - (www.ap.com)
Their own credit card scam - (www.businessweek.com)
New Century, Lawyers Face Claims They Lied in 5-Year-Old Suit - (www.bloomberg.com)
Facing losses on bad loans, banks boost credit card rates - (www.usatoday.com)
An Industry Imperiled by Falling Profits and Shrinking Ads - (www.nytimes.com)
Want a Mortgage? Now is Not the Time - (abcnews.go.com)
$191,106 income needed to buy O.C. house - (lansner.freedomblogging.com)
Recession or Lent? Whatever You Call It, It's Started - (online.barrons.com)
Rust Belt cities fight glut of abandoned houses - (www.signonsandiego.com)
Senior Loan Officer Opinion Survey - (www.federalreserve.gov)
Bank of England Cuts Benchmark Rate to 5.25% as Growth Slows - (www.bloomberg.com)
UK puts Rock on government books - (www.ft.com)
Credit Crunch Pounds U.K. Economy - (online.wsj.com)
Next Round In the Crunch: Europe's Banks - (online.wsj.com)
Canada Economy Reels as U.S. Slowdown Cuts Factory Orders, Jobs - (www.bloomberg.com)
Rescuing monolines is not a long-term solution - (www.ft.com)