Friday May 9 Housing and Economic stories

Top Stories:

White House Threatens Veto of Anti-Foreclosure Bill - (www.bloomberg.com)
Call the White House To Support The Veto! - (patrick.net)
Warren Buffet - ‘Wells Fargo to Experience Unusually Large Losses’ & BofA May Cut Dividend - (www.ml-implode.com) - ``So, it should be obvious now that Wells Fargo isn’t what management portray it to be. They did their fair-share of dirty lendi...
An Involuntary Transaction: Why BAC + CFC May Never Close - (www.ml-implode.com) - `` Could it be that the torpor affecting some analysts, inertia which allowed them to believe that ratings for CFC actually woul...
Reminder: clean house before foreclosure - (www.sfgate.com) – Owners walked away from 2 homes, but forgot to remove their pot plants J
NY Assembly Passes One Year Foreclosure Moratorium Bill - (www.ml-implode.com)
Fitch - Horrid Alt-A Performance Drivers Revealed - (www.ml-implode.com)
Lenders Holding Out On Short Sales - (www.ml-implode.com)
Denver house prices slide 10% in April - (www.denverpost.com)
Las Vegas bank shuts down - (www.lvbusinesspress.com)
Fannie Mae Cumulative Defaults and other disasters - (Mish at globaleconomicanalysis.blogspot.com)


Other Stories:

First Horizon / MetLife a "Done Deal" - (www.ml-implode.com) - Sources have told us an announcement should be coming today or tomorrow regarding MetLife's purchase of First Horizon Home Loans...
Irwin H.E. Hits our Radar, Premier Update and 1 Implode - (www.ml-implode.com)- Read the latest full scoop -- premium members only (cheap, $10/mo subscription required. Cancel at any time).
Credit Cards: Terminal Ponzi Finance - (www.ml-implode.com) - "The last Joe Ultra Light Sixpack (JULS) kamikaze assault has spilled into credit card borrowing, which soared last month. My th...
Northern Rock investors begin legal battle - (www.ml-implode.com)
Las Vegas Median Price At Lowest Level In Four Years - (www.ml-implode.com)
The Big Walk Away - (www.ml-implode.com)
Countrywide Denies Abuse of Homeowners - (www.ml-implode.com)
Countrywide Addresses Bankruptcy Failings - (www.ml-implode.com)

Fannie Mae has taxpayers on the hook for mortgage crisis - (www.csmonitor.com)
Banks' Loan-Loss Estimates Use Rose-Tinted Housing Data - (money.cnn.com)
Why CEO pay fed the mortgage mess - (articles.moneycentral.msn.com)
Consumer Debt Rises More Than Forecast in March - (www.bloomberg.com)
So underwater you need a submarine to get in the front door - (www.businessweek.com)
Seattle declines not as bad as CA declines, yet - (www.centralvalleybusinesstimes.com)
Still $1000 Per Sq. Foot, Still Not Selling - (keywestchronicle.blogspot.com)
Housing Crisis is NOT Over - (www.seekingalpha.com)
Most Owners Think Crash Is Not Affecting Their House - (zillow.mediaroom.com)
Desperate Fed to take cars, jewelry, and guns as collateral? - (www.nytimes.com)
What's Up - (Down) with Rents? - (Charles Hugh Smith at www.oftwominds.com)
Angry Renters Oppose Mortgage Bailout - (nalert.blogspot.com)

Oil, Heating Oil, Gasoline Rise to Records on Supply Concern - (www.bloomberg.com)
Gold, Silver Rise in New York on Demand for Inflation Hedge - (www.bloomberg.com)
Rice Gains for Fifth Day on Myanmar Cyclone, Increased Demand - (www.bloomberg.com)
Treasuries Advance as Demand Rises at Auction of 30-Year Bonds - (www.bloomberg.com)
U.S. Stocks Rise, Led by Commodity Producers; Wal-Mart Climbs - (www.bloomberg.com)

Former FOMC member warns on inflation - (www.ft.com)
Bush says he'll veto foreclosure relief legislation - (www.latimes.com)
Wealthy See Recession, Poll Says - (online.wsj.com)
U.S. Initial Jobless Claims Fell 18,000 Last Week - (www.bloomberg.com)
Congress mulls the steel penny - (money.cnn.com)
Lobster boat builders pinched as catch drops, economy slows - (www.ap.com)

SEC chair chats with Congress about more regulation - (www.cfo.com)
Derivatives trade expands amid volatility - (www.ft.com)
Moody's predicts more junk bond defaults - (www.cfo.com)
Wave of Lawsuits Over Losses Could Hit a Wall - (www.nytimes.com)
World carbon trading value doubles - (www.ft.com)
Boom in 'Dark Pool' Trading Networks Is Causing Headaches on Wall Street - (online.wsj.com)
Commercial real estate slump more apparent in suburbs - (www.chicagotribune.com)

Wal-Mart, Costco Sales Gain as Shoppers Seek Bargains - (www.bloomberg.com)
Laptop retail price set to rise - (www.ft.com)
State Street Subprime Damages May Surpass Reserve - (www.bloomberg.com)
Cost slows nuclear plant drive - (www.chicagotribune.com)

ECB's Trichet Sees `Rather Protracted Period' of High Inflation - (www.bloomberg.com)
China's Inflation Mix Grows More Complex - (online.wsj.com)
New Zealand Employment Falls by Most in 19 Years - (www.bloomberg.com)
India Bans Rubber, Soybean Oil Futures to Cool Prices - (www.bloomberg.com)
ECB Keeps Benchmark Rate at Six-Year High to Fight Inflation - (www.bloomberg.com)
'Saudi Arabia of Milk' Hits Production Limits - (online.wsj.com)
Iran predicts oil prices will rise to $200 a barrel - (www.iht.com)
Toyota's Profit Falls More Than Estimated on Yen - (www.bloomberg.com)
On the pot-holed highway to hell - (www.ft.com)
The financial crises of capitalism - (www.ft.com)