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)