Thursday May 8 Housing and Economic stories

Top Stories:

NY Assembly Passes One Year Foreclosure Moratorium Bill - (www.ml-implode.com) – Ah, idiotic politicians again trying to change 200 years of contract law. They are going to ruin many businesses and investment in this country by the time they are through. Funny that NY, which hosts all the investment banks that originated this mess, is now making it worse. The bill would permit the courts to delay foreclosure up to one year for subprime borrowers who meet specific conditions, allowing at-risk homeowners to work with their respective lenders to avoid losing their homes
Vallejo, California City Officials Vote to File for Bankruptcy - (www.bloomberg.com)
House sitting: living free on a grand scale - (www.latimes.com)
"Zero rentals" a hit in Mumbai - (timesofindia.indiatimes.com)
Fannie Mae Playing Russian Roulette With America - (www.nytimes.com)
Oil jumps over $123 on drop in diesel, heating oil supplies - (news.ino.com) – As my co-worker says, they might as well start raising the price in $5 or $10 increments J
White House threatens veto of FHA-rescue bill - (www.ml-implode.com) - The House on Wednesday will begin debate on a housing package that would let the government back loans for homeowners at risk ...
CitiMortgage To Drop Citi Residential Lending's Retail - 3,000 Jobs Gone - (www.ml-implode.com) - In a 2008-05-06 memo to CitiMortgage and Citi Residential Lending (CRL) employees, it is announced that CRL's retail staff and s...
Deterioration in Pending Home Sales Confirms Broader Trend, Economists Say - (www.ml-implode.com) - "Economists say the March report for pending home sales confirms what has been known for many months now: the U.S. housing marke...
Why Is Congress Doubling Down on Mortgage Mess? - (blog.heritage.org)
Once bulletproof housing markets get hit - (money.cnn.com)
Seattle sellers forced to lower prices - (seattletimes.nwsource.com)
Countrywide Eliminates Equity Credit Lines in Vegas - (www.bloomberg.com)
Greeks set to pay price for feelgood years - (www.ft.com)
Emblem of O.C.’s $600,000 home market, now a short sale - (www.ocregister.com)


Other Stories:

Fannie Mae losing billions, taxpayers on hook - (news.yahoo.com)
Housing picture worsens as Fannie sees price drop - (www.latimes.com)
Banks negate Fed efforts to boost liquidity - (www.investmentexecutive.com)
Moving Chronicles In Silicon Valley - (www.viewfromsiliconvalley.com)
Fed Rate Cuts Boosting Food Prices - (www.marketwatch.com)KC Fed President Hoenig Says Inflation Serious - Rates Must Rise - (www.bloomberg.com)Paying for Greenspan's Lunch - (www.eastvalleytribune.com)
Congress: You Can’t Stop A Hurricane - (www.ml-implode.com) - In spite of the devastation, there were no "hurricane prevention" bills. Congress recognized that while the emergency respons...
Mirable Dictu! The Journal Says a Few Discouraging Words About the Markets and Economy - (www.ml-implode.com) - "The Wall Street Journal so often presents the optimistic case that it's important to reinforce those occasions when it provides...
Pending Home Sales Index Declines - (www.ml-implode.com)

How Closely Are You Tracking Your House's Value? - (blogs.wsj.com)
Big drop in Western WA house prices, sales - (www.nwcn.com)
Foreclosures double, house prices tumble - (www.usatoday.com)
Mortgage crisis spreads from subprime to standard loans - (www.fosters.com)
More Than Half of 2006 Sales Now Underwater - (www.housingwire.com)
NAR's Liar Learah finally tells a little truth - (www.newsweek.com)
Why should I EVER buy a house? - (patrick.net)

Market slides further on oil fallout - (www.reuters.com)
Oil jumps over $123 on drop in diesel, heating oil supplies - (www.ap.com)
Dollar Rises on U.S. Productivity, Signs of European Slowdown - (www.bloomberg.com)

Hoenig Says Inflation `Serious,' May Prompt Rate Rise - (www.bloomberg.com)
Pending Sales of Existing Homes in U.S. Decreased 1% in March - (www.bloomberg.com)
Cousins Properties bearish on residential outlook - (www.ajc.com)
Bernanke Wants Fed to Pay Interest on Bank Reserves - (www.bloomberg.com)
Productivity in U.S. Rose More Than Forecast in First Quarter - (www.bloomberg.com)
Merrill Expects U.S. Consumer Loan Defaults to Rise - (www.bloomberg.com)
Vegas sewer rate hikei in the cards - (www.lvrj.com)
Week-to-week mortgage applications up 15.6% - (www.marketwatch.com)

Some See Oil At $150 a Barrel This Year - (online.wsj.com)
Student-Loan Market: Another Bubble? - (online.wsj.com)
Blank check companies can't find deals - (www.financialweek.com)
Corporates Go on Borrowing Binge - (www.cfo.com)
For FHA, a Huge Task and Uncertain Role - (www.washingtonpost.com)
Corporate defaults on upswing as debt comes due - (www.usatoday.com)
GE Real Estate to lend $960 million to REIT - (www.financialweek.com)
Short Interest Is Steady on Big Board - (online.wsj.com)

Cisco Profit Falls 5.4%; Forecast Meets Estimates - (www.bloomberg.com)
Discounts May Hurt Retail Earnings - (online.wsj.com)
Legg Mason hit by first loss in 25 years - (www.ft.com)
UBS Faces U.S. Tax Evasion Probe; Employee Detained - (www.bloomberg.com)
Healthcare costs pinch employers - (www.latimes.com)
More pink slips coming, as UBS aims to cut 5,500 jobs - (www.financialweek.com)
Tight Credit Worries for a Hotel and Mall Operator - (www.nytimes.com)
GM, Ford and Toyota won't match Chrysler gas subsidies - (www.latimes.com)
With food costs rising, ethanol benefits now questioned - (www.signonsandiego.com)
Fannie's Alt-A Issue - (www.forbes.com)
A Feud in the Bear Stearns Family - (www.nytimes.com)

European Retail Sales Drop by Record on Rising Costs - (www.bloomberg.com)
China Stocks Fall on Share Glut Concern - (www.bloomberg.com)
Petrobras Hiring 14,000 Geologists, Oil Rig Workers - (www.bloomberg.com)

California screaming: Tales from the housing bust - (money.cnn.com)
Malware discovered in swapped MP3s, MPEGs - (www.news.com)
Subprime disease breeding ground: pools - (www.marketwatch.com)
Frustrated owners try to unload their guzzlers - (www.boston.com)
Electric vehicles get Georgia Tech viewing - (www.ajc.com)