Monday March 24 Housing and Economic stories

Top Stories:

House foreclosed, renters given little notice - (www.kvbc.com) – really crooked realtor/landlord didn’t tell tenants house was foreclosed and sold at auction and continued to try to collect one last month of rent. Very good text message exchange
Central banks float rescue ideas - (www.ft.com) - The first step towards a taxpayer bailout.
Fed Denies Discussions to Buy MBS - (www.ml-implode.com) - Of course, Fed and Bank of England deny it, but then state all options are being considered and use of taxpayer money would be a last resort.
Woes in Condo Market Build As New Supply Floods Cities - (online.wsj.com) More than 4,000 new units will be completed in both Atlanta and Phoenix by the end of the year. Developers in Miami and Fort Lauderdale, Fla., are readying nearly 10,000 total new units in a market already struggling with canyons of unsold condos. San Diego, another hard-hit region, will add 2,500 units.
Wary banks revert to strict lending standards - Mortgage Mess ... - (www.msnbc.msn.com) - Entire states being blacklisted by mortgage insurers.
Bear Economists Snipe at Bernanke - (www.nytimes.com)
New York Feels the Crunch - (www.businessweek.com)
Swaps Backfire As Cost Saver On Public Debt - (online.wsj.com)
LBO debt woes lurk in sub-prime's shadows - (www.businessspectator.com.au) – Leveraged buyout firms left many companies leveraged with debt to the hilt. Similar to the crooked Mike Milken days.
Clamp on lending spreads to wider group of borrowers - (www.ft.com)
CIT Taps Credit Lines and Talks of Asset Sales - (www.nytimes.com)
Mortgage Mess Hits Home For Nation's Small Builders - (online.wsj.com)
Rescue Plans That Alarm Shareholders - (www.nytimes.com) , Norris
Wells Fargo Fixed Jumbo Rate Hits 8.0% - (www.wellsfargo.com)
End of Cheap Credit Hits Houses, Businesses - (www.washingtonpost.com)
Massive amount of deleveraging going on - (www.bloomberg.com)
Bear Stearns big shots reaped big paydays - (www.msnbc.msn.com)
Bear Stearns Bailout Proves US Fed is Merely an Extension of the Financial Industry - (www.ml-implode.com)


Other Stories:

Credit Bubble Bulletin: Nationalization - (www.ml-implode.com) - Especially after the 2004 revelation of massive fraud and gross system inadequacies, a consensus developed in Washington that th...
Overlevered Brits Facing Their Day of Reckoning - (www.ml-implode.com) - ``The British are on the same downward path we are on, with perhaps a one-year delay, and an even higher level of gearing.''
Denninger Dismantles Bove - (www.ml-implode.com) - Why we're not even close to "hitting bottom." We agree. Bove is simply showing signs of "collapse fatigue" -- if only reality ...
Mortgage Bailout Update for Taxpayers - (www.ml-implode.com) - Read this if you're a taxpayer. Especially if you're a renter.
Editorials: Spitzer Was Taken Down By Bush And Wall Street - (www.ml-implode.com) - Two articles for you on this subject: Why Spitzer was Bushwhacked by Bill Engdahl The $200 billion bail-out for predator bank...
Treasury bonds for $100 - (www.ml-implode.com)

Why the Fed's Bailout Won't Work - (robertreich.blogspot.com)
Bernanke's own house down $260K - (latimesblogs.latimes.com)
Dollar Overnight Rate Soars; Fed Move Signals Crisis - (www.bloomberg.com)
The four ‘new sheriffs’ of Wall Street - (www.ft.com)
Slump Moves From Wall St. to Main St. - (www.bloomberg.com)
A dangerous divergence - (www.economist.com)
The Well Gets Shallower - (online.wsj.com)
The Fed's Revolution - (www.businessweek.com)

Financial Market Turmoil Raises Worries - (www.ap.com)
Ripple Effect of U.S. Economic Woes - (www.bus.umich.edu)
Mortgage fraud case brings new calls for tighter regulations - (www.sfgate.com)
Brokers who lie? Shocking! - (money.cnn.com)Clashing Magazine Covers - (www.seekingalpha.com)
In Washington, a Split Over Regulation of Wall Street - (www.nytimes.com)
Credit crisis puts vise grip on leveraged companies - (www.boston.com)
Auction-Rate Market Shrinks By $21 Billion as Borrowers Escape - (www.bloomberg.com)
Insurer Gives Its Reasons for Severing Merrill Pacts - (www.nytimes.com)
Wall Street Taps Fed's New Loan Program - (online.wsj.com)

The Street on Welfare - (www.washingtonpost.com)
Public Risk, Private Gain - (www.washingtonpost.com)
Housing inventory glut pressures prices - (www.nctimes.com)
There are side effects to financial medicine - (www.sfgate.com)
Goldman, Lehman Rating Outlook Cut to Negative by S&P - (www.bloomberg.com)
Maverick bank beaten by its biggest bet - (www.ft.com)
Goldman Will Reduce Capital Markets Workforce, N.Y. Post Says - (www.bloomberg.com)
Questions abound on Bear Stearns buyout - (www.reuters.com)
FedEx Sees Profit Fall, Glum Forecast - (www.chicagotribune.com)
Mortgage Mess Hits Home For Nation's Small Builders - (online.wsj.com)
Debt-Gorged British Start to Worry That the Party Is Ending - (www.nytimes.com)
Propping up mortgages - (www.ft.com)
Five reasons to start worrying - (www.thestar.com)
Spectre of Depression haunts Federal Reserve - (www.telegraph.co.uk)
Foreigners Sell Most Japanese Stocks Since Black Monday Crash - (www.bloomberg.com)
Hong Kong IPO market is 'almost dead' - (www.ft.com)

In the Fed’s Cross Hairs: Exotic Game - (www.nytimes.com) , Morgenson
California Leads U.S. in Defaults, Price Decline - (www.bloomberg.com)
The Great Unwind has started, avoid leverage - (www.marketwatch.com)
Index suggests economy weakening - (news.yahoo.com)
What Created This Monster? - (www.nytimes.com)
What went wrong - (www.economist.com)
New York Fed's chief steers Wall Street into uncharted waters - (www.investors.com)
The Bear Trap - (www.time.com)