Wednesday March 5 Housing and Economic stories

Top Stories:

California Stops Insuring State's Municipal Bonds - (www.cnbc.com) - Ominous sign for bond insurers MBIA and Ambak as CA is essentially saying they are adding absolutely no value
Citigroup May Need Cash as Losses Mount, Dubai Says - (www.bloomberg.com) – Another ominous sign of how quickly Citigroup is burning through cash one month after receiving cash injection from United Arab Emirates
Agency Mortgage-Bond Spreads Reach 8-Year High, Hurt Consumers - (www.bloomberg.com) – Funny how everything the Fed and government is attempting is not working for them as planned.
Bankruptcy makes gift cards worthless - (news.yahoo.com) – for anyone who received Sharper Image or other gift cards, read this…
Bernanke Urges Banks to Forgive Portion of Mortgages - (www.bloomberg.com)
Fremont's loan buyers declare it in default - (www.latimes.com)
Focus Capital forced to liquidate portfolio - (www.ft.com)
Growing bankruptcy filings a grim omen - (www.latimes.com)
'Ninja' loans explode on sub-prime frontline - (www.telegraph.co.uk)
February foreclosures in steep rise - (www.palmbeachpost.com) – This 100% rise in FL foreclosures doesn’t look like a bottom yet (like many are stating)
Marla Jennings Christian Realty - (www.landoverbaptist.org) – Nothing too newsworthy here but still a sort of odd site J
Bill Would Set Foreclosure Moratorium - (www.nytimes.com)
Australian central bank hikes rates, opposite of US Fed - (theaustralian.news.com.au) – Funny, the US Fed is lowering rates and printing money while Australia is trying to lower inflationEuropean officials express disquiet over dollar weakness - (www.iht.com)
Canada Cuts Rate a Half Point, Signals More Is Needed - (www.bloomberg.com)
Bundled Mortgages and Dubious Fees Complicate Foreclosure Cases - (www.nytimes.com)
The argument against home ownership - (The New Yorker at www.msnbc.msn.com)
FL Committees OK $358 million in education spending cuts - (www.thestreet.com)


Other Stories:

Borrowers Abandon Mortgages as Prices Drop - (www.realestatejournal.com)
The Pain of Over-Improvement - (www.seekingalpha.com)
The Federal Reserve's rescue has failed - (www.telegraph.co.uk)
U.S. Stocks Fall on Bernanke Plan, Oil's Retreat; Banks Decline - (www.bloomberg.com)
Corporate Bond Risk Rises on Speculation Bank Losses to Deepen - (www.bloomberg.com)
Ten-Year Treasuries Fall on Reduced Concern Over Credit Losses - (www.bloomberg.com)
Crude Oil Falls More Than $2 on Signs OPEC to Maintain Output - (www.marketwatch.com)
Commodity Prices Plunge a Day After Records for Oil, Gold, Corn - (www.bloomberg.com)
Buffett: U.S. essentially in recession - (www.chicagotribune.com)
Phila. Fed chief hints interest rate is low - (www.philly.com)
Vehicle Sales Fell by 10% Last Month - (www.nytimes.com)
Tax on new bingo operations provoke complaints - (www.stateline.org)
Families Flock to Foreclosure Fairs - (www.ap.com)
The Fed's doing more damage than good - (www.marketwatch.com)

Troubles emerge in alt-A loans as delinquencies ratchet up - (www.marketwatch.com)
Swap Skirmish: Risks Hidden, Says Hedge Fund - (online.wsj.com)
Overview: Credit woes continue to cast shadow - (www.ft.com)
Oil Tops Inflation-Adjusted Record Set in 1980 - (www.nytimes.com)
Relief for Homeowners Is Given to a Relative Few - (www.nytimes.com)
‘Alt A’ mortgages add to pressure on banks - (business.timesonline.co.uk)
Switzerland’s Focus Capital Likely To Liquidate Fund After Losses - (www.finalternatives.com)
Hedge funds present dilemma for regulators - (www.ft.com)
Survey: Lenders fall short in aiding at-risk California borrowers - (www.signonsandiego.com)

Mortgage Fallout Exposes Holes in New Bank-Risk Rules - (online.wsj.com)
Building Slowdown Goes Commercial - (online.wsj.com)
Intel Cuts Margin Forecast - (www.thestreet.com)
New media plan would shake up billboard companies - (www.nypost.com)
Payday lenders float initiative to prevent loss of businesses - (www.stateline.org)
Fannie Mae, Freddie Mac agree to new appraisal standards - (www.latimes.com)
Is the time right for first-time housebuyers? Definitely not. - (biz.yahoo.com)
Buying in a Rocky Housing Market - (www.smartmoney.com)
Houseowners and Investors, Time to Get Real - (finance.yahoo.com)
Europe's Economy Cools as Consumer Spending Declines - (www.bloomberg.com)
Australia Increases Benchmark Rate to 12-Year High - (www.bloomberg.com)
It's So Much Worse Than You Think - (www.fool.com)
Bank failures expected to rise - (money.cnn.com)
Buffett says U.S. in recession - (news.yahoo.com)
Gold hits record high as oil keeps rising and dollar falls - (www.bangkokpost.com)
Dollar Close to Record Low Versus Euro on Slumping U.S. Economy - (www.bloomberg.com)Are You Overpaying for Where You Live? - (www.businessweek.com)
When owning isn't better - (msnbc.msn.com)
Fannie, Freddie Agree to New Appraisal Standards - (www.nytimes.com)
Record growth in Eurozone business borrowing - (www.ft.com)
In defence of scaremongers - (blogs.telegraph.co.uk) , Evans-Pritchard