Friday May 2 Housing and Economic stories

Top Stories:

Is Bank of America headed towards principal reductions? - (www.ml-implode.com) - ''If Bank of America is truly making principal reductions a part of it’s “home-saving” playbook it would have incredibly wide-spread implications across not only the banking industry but the housing market and general economy.''
Business partner held in San Ramon mortgage broker killing - (www.sfgate.com) – A possible real estate/business partnership gone bad?
Credit Card Debt Soars to Unprecedented Heights - (www.blacklistednews.com) - Statistics show that about 35 percent of all credit card holders are already exhibiting signs of possible default. Late credit card payments result in fees many consumers can't afford. Credit card debt accelerated to unprecedented heights since bank loans began to dry up due to mortgage defaults. Total U.S. credit card debt reached almost $800 billion in November 2007, up from around $680 billion in March of last year, according to the latest available government statistics.
Houses Razed in Spain Stun Foreigners as Slump Deepens - (www.bloomberg.com) – Families lose everything overnight. Leo Levett-Smith and his wife, Jean, thought they did everything right when they bought their retirement home in Spain. They used a registered real estate agent, a Spanish notary and obtained their mortgage through one of then country's largest savings banks. Then in January they received a demolition order saying the house had been built without a permit.
Investors move in to save broken mortgages - (www.latimes.com)
Suburbs: The Next Slum? - (www.theatlantic.com) – Well, if you drive through Modesto, Stockton, parts of Sacramento, you can definitely see these remote cities turning into slums.
Agency Floats a Proposal to Help With Home Loans - (www.nytimes.com)
Federal Reserve to propose credit card lender limits - (www.chicagotribune.com)
As Food Prices Rise, Shopper Stock Up - (online.wsj.com)
Calpers Takes Hit on Land Deal - (online.wsj.com)
Jumbo Mortgage Was Supposed to Get Easier - (www.nytimes.com)
Huge falls in US property prices - (www.independent.co.uk)
Stop Begging Ben for Help Cooking Banks' Books - (www.bloomberg.com)
The Fed's Financial Bailouts Will Rob Americans of Their Future - (www.naturalnews.com)
Disappearing now: $6 trillion in housing wealth - (latimesblogs.latimes.com)


Other Stories:

MBA Opposed to OFHEO Appraisal Changes - (www.ml-implode.com) - ''The Mortgage Bankers Association sent a letter yesterday to Fannie Mae, Freddie Mac, and the OFHEO, challenging the proposed c...
19 Lenders, 4 Title Companies, 31 counts -- Colorado Fraud Scheme - (www.ml-implode.com) - According to the most recent Amended Complaint filed 2008-04-07 in the U.S. District Court in Denver, 61 Colorado properties are...
Mr. Mortgage - New ‘Conforming-Jumbos’ Already a Bust (Part 2) - (www.ml-implode.com) - ``“The program “is so much of a failure that it’s really unbelievable,” said Daniel M. Shlufman, president of the FCMC Mortgage ..
CNBC Interview: Why the Worst is Ahead of US - (www.ml-implode.com)
Will Credit-Default-Swaps-Induced Distortions Continue? - (www.ml-implode.com)
Unrepentant, Intransigent Lenders: Overplaying Their Hand? - (www.ml-implode.com)

A Comparison of U.S. House Prices - (www.homeguide123.com)
Not Many Positives Coming Out of Jumbo Market Changes - (www.ml-implode.com)
Construction Spending Declines in March - (www.ml-implode.com)
How much house can you afford? Are you sure? - (mrmortgage.ml-implode.com)
Is the Fed Bankrupting America? - (www.seekingalpha.com)
Is Bernanke Worse Than Greenspan? - (www.usnews.com)
The Dollar Looks Ready to Rally - (online.barrons.com)
Thais Gawk As US Houseowners Walk - (www.dealbreaker.com)

Treasuries Decline as Gains in Stocks Lure Investors From Debt - (www.bloomberg.com)
Gold Falls to 4-Month Low in N.Y. as Dollar Rises Against Euro - (www.bloomberg.com)
Dollar Rises to Five-Week High on Bets Fed May Halt Rate Cuts - (www.bloomberg.com)
U.S. Stocks Climb, Led by Shares of Banks, Technology Companies - (www.bloomberg.com)
U.S. Unemployment Benefit Rolls Exceed 3 Million, a 4-Year High - (www.bloomberg.com)
U.S. Consumer Spending Increased 0.4 Percent in March - (www.bloomberg.com)
Vacancies Are Up- Way Up - (www.ml-implode.com)
Wachovia's hidden 'Watch Market Area' Guidelines - (www.ml-implode.com)
Proposed Fascist Powers For The Fed - (www.ml-implode.com)

High cost of houseownership argues for RENTAL aid! - (www.marketwatch.com)
Can't Keep Home Prices from Falling - (www.seekingalpha.com)
Unstoppable Credit Contraction - (Mish at globaleconomicanalysis.blogspot.com)
Case-Shiller House-Price Index Fell 12.7% - (www.bloomberg.com)
Fed Cuts Key Rate, Signals a Pause - (online.wsj.com)
U.S. ISM Manufacturing Index Unchanged in April at 48.6 - (www.bloomberg.com)
The Fed, the falling dollar and the commodities boom - (www.economist.com)
Fed May Take Breather After Seven Rate Cuts, Emergency Loans - (www.bloomberg.com)
Low Spending Is Taking Toll on Economy - (www.nytimes.com)
Layoffs jump to 19-month high in April - (www.marketwatch.com)
Poole, Bies Say More Fed Rate Cuts Wouldn't Stem Slowdown Much - (www.bloomberg.com)

European Company Bond Sales Reach Record $147 Billion in April - (www.bloomberg.com)

Ethanol vs. food debate growing - (www.chicagotribune.com)
Exxon Profit Rises Less Than Estimated on Output Drop - (www.bloomberg.com)
Rising costs reshaping air travel across the USA - (www.usatoday.com)
Starbucks to slash U.S. store openings through 2011 - (www.reuters.com)


For Europe’s Middle-Class, Stagnant Wages Stunt Lifestyle - (www.nytimes.com)
China's Manufacturing Index Expands at Fastest Pace on Record - (www.bloomberg.com)
Gulf States May End Dollar Pegs, Kuwait Minister Says - (www.bloomberg.com)
Shortage of Laborers Plagues India - (online.wsj.com)
Alberta home prices sliding - (www.thestar.com)
5 Asian Nations Are Weighing a Rice Cartel - (www.nytimes.com)
Three Chinese banks in world's top four - (news.yahoo.com)
U.K. Factory-Price Index Increases Most Since 1999 - (www.bloomberg.com)

The Big Easy - (online.wsj.com)
Fed is runnning out of room to help the economy - (www.nypost.com)
Fed Has Bought Enough Anti-Recession Insurance: John M. Berry - (www.bloomberg.com)
ECB Sketches a Line in Currency Sands at $1.60: Mark Gilbert - (www.bloomberg.com)