Tuesday May 27 Housing and Economic stories

Top Stories:

LTCM's John Meriwether in trouble again - (www.ml-implode.com) - A decade on, it seems that “not much has been learnt”, said Roger Lowenstein, author of When Genius Failed: The Rise and Fall of Long-Term Capital Management. “The quote I read of Meriwether saying he was going to lower the risk was strikingly reminiscent. I think that’s what he said when he was backing out of LTCM.” ... like Bear Stearns, Meriwether blamed a “run on the bank” for LTCM’s crash.
Bank failures to surge in coming years - (www.marketwatch.com) - Only three banks have failed so far in 2008. But that number is set to surge as the credit crunch slows economic growth and hammers some lenders that grew too fast during the recent real-estate boom, experts say. The roots of today's banking crisis grew out of the boom and bust
A Congressional Speculator? - (calculatedrisk.blogspot.com) - This is an update to post below on Rep. Linda Richardson's foreclosure woes. Gene Maddaus of the Daily Breeze kindly forwarded today's additions to the saga. There are not two, but three homes owned by Richardson in foreclosure. And yes, she appears to have cashed out her primary residence back in 2006 to fund her campaign for State Assembly. So it looks like a pattern."
City of Vallejo, California files for bankruptcy - (www.reuters.com) - The city of Vallejo, California, filed for bankruptcy on Friday, a move signaled by its city council earlier this month as it struggles to avoid running out of money amid steep city personnel costs and sliding revenues from a housing slump. Vallejo, with more than 100,000 residents, is the first sizable city in California to file for bankruptcy.
Report says Moody's, others shifted analysts at banks' request - (www.financialweek.com) – Yes, the same companies that rated mortgage securities as AAA and rated Enron highly before they went into bankruptcy are showing their conflicts of interest.
Limits Weighed for Commodities Investors - (www.nytimes.com) Patients are now running the asylum. Instead of addressing root case, moron Joseph Lieberman, chairman of a Senate oversight committee, said Tuesday that he was considering legislation limiting large institutional investors in commodities markets. The legislation would be aimed at speculators and other investors who use commodities like oil as a way to hedge against swings in other investment instruments, like stocks and the American dollar.
Toughest Summer Job Is Finding One - (www.nytimes.com) - As the forces of economic downturn ripple widely across the United States, the job market of 2008 is shaping up as the weakest in more than half a century for teenagers looking for summer work, according to labor economists, government data and companies that hire young people.
Home price index posts largest drop in history - (www.ap.com) - A home-price index considered to be the most comprehensive reading of the U.S. market posted the sharpest decline (3.1% in 1Q2008) in its 17-year history, & analysts say housing has yet to bottom out.
Mesa Air may file for bankruptcy - (www.arizonarepublic.com)
Fingerprint Registry in Housing Bill!!! – (www.openmarket.org) – You wonder why Congress’ approval ratings are lower than Bush, because they are standing around giving away all our rights. Earlier this week, a measure creating a federal fingerprint registry totally unrelated to national security passed a U.S. Senate committee almost without notice. The legislation would require thousands of individuals working even tangentially in the mortgage and real estate industries — and not suspected of anything — to send their prints to the feds. The database and fingerprint mandates were tucked into housing and foreclosure assistance bills that on Tuesday passed the Senate Banking Committee by a vote of 19-2
New Vanguard CEO declares Media Blackout - (www.ml-implode.com) - New CEO Joe Nocito Jr. warns his "employees" of "DISCIPLINARY ACTION" if they talk to the media. "There is to be NO communication with ANY members of the media."
Woman loses job, burns down house for money - (blogs.tampabay.com)
Citigroup's CDO Shows Enron Accounting - (www.bloomberg.com)
Florida Pension Fund Is Suing AIG - (www.nytimes.com)
Moody's Plunges for Second Day After Cover-Up Probe - (www.bloomberg.com)
Housing: Why was Kudlow so wrong? - (www.ml-implode.com) – Why is anyone surprised that Kudlow and Cramer have been wrong?


Other Stories:

As Credit Tightens, the Auto Industry Feels the Pain - (www.nytimes.com) - Squeezed by the credit crunch and the softening economy, the American auto industry faces what may be its worst year in more than a decade.
Abandoned Houses Are Keeping Contractors Busy - (www.nytimes.com) - It can take months, even years, for some homes to wind through the foreclosure process, and decay sets in.

UBS Falls After Saying More Mortgage Losses Possible - (www.ml-implode.com)
Senior Bear Departures: Signs of Valuation Headaches for JP Morgan? - (www.ml-implode.com)

Prices soar for Memorial Day fixins' for barbecues - (www.usatoday.com)
British house prices continue fall - (www.marketwatch.com)
Japanese real estate firms seek big rent increases in central Tokyo - (www.iht.com)

Housing's False Bottom - (Charles Hugh Smith at www.oftwominds.com)
Loan failures rise for 37th straight month, extending record - (www.signonsandiego.com)
FDIC's Bair: Foreclosure Aid Is 'Train Wreck' - (blogs.wsj.com)
How Is the Klan Like a Group of Real-Estate Agents? - (www.freakonomicsbook.com)

Canadian Housing Market Also Subject To Housing “Physics” And Is Going Down - (www.ml-implode.com) - "Alas, what goes up, must come down- even in Canada. After months of the MSM reporting that the Canadian housing market would n...
Bribery, Kickbacks, Indictments, Ratergate - (www.ml-implode.com) - "Fraud, greed, and market tops go hand in hand like clockwork. We saw that in housing, we are seeing it other places as well suc...
David Einhorn’s ‘Must-Read’ Speech Exposing Lehman’s Lies - (www.ml-implode.com) - ``After an in-depth and informative intro, [Einhorn] dives right into Lehman with research that is quite damning.'' Here is a n...
Historical Housing Graphs: Months of Supply, Sales and Inventory - (www.ml-implode.com)
Fraud Probe At Moody's - (www.ml-implode.com)
Merrill Suspends Trader, Finds Overvalued Derivatives - (www.ml-implode.com)
Ranieri Pursuing $1 Billion Distressed Mortgage Fund - (www.ml-implode.com)
As I see it, 32 commercial banks and thrifts may see the feces hit the fan blades - (www.ml-implode.com)
Comptroller Dugan on "Unprecedented Home Equity Loan Losses" - (www.ml-implode.com)
Existing Home Sales Match All-Time Low in April; Inventory Swells - (www.ml-implode.com)
Builders STILL Tout No-Money Down, Adjustable Mortgages - (money.cnn.com)
Fannie Still Runs Amok: Didn't We Learn Anything? - (www.seekingalpha.com)
Freddie Mac Suffers Bout of "Temporary" Insanity - (www.bloomberg.com)
US House Prices Tumble 3.1% in First Quarter - (www.bloomberg.com)
Gov't house price index posts largest drop in 17-year history - (www.breitbart.com)
Trouble ahead for global house prices - (www.economist.com)
More Questions Are Raised About Moody's Ratings - (www.nytimes.com)
Pimco's Gross Says U.S. Underestimating Inflation - (www.bloomberg.com)

An inquiry into interbank loan rate - (www.iht.com)
Bad Oil Bets Haunt Speculators - (online.wsj.com)
Prices of Credit Derivatives Take a Drift - (online.wsj.com)
Foreclosure forecast grim - (www.signonsandiego.com)
If $4 Gas Is Bad, Just Wait - (online.wsj.com)

Retailers face uncertain second half of 2008 - (www.signonsandiego.com)
Builders Tout Incentives In Bid to Sell Homes - (online.wsj.com)
Moody's Cuts AIG's Senior Unsecured Credit Rating After Loss - (www.bloomberg.com)
Hybrid sales are zooming - (www.latimes.com)
McDonald's dollar menu to stay, executives say - (www.chicagotribune.com)
Housing slump, fuel prices squeeze moving firms - (www.latimes.com)

New Find Fuels Speculation Brazil Will Be a Power in Oil - (online.wsj.com)
U.K. Economy Grows the Least Since 2005 on Investment - (www.bloomberg.com)
European Services, Manufacturing Growth Slowed in May - (www.bloomberg.com)
Mexico prospering despite U.S. slowdown - (www.latimes.com)
Gauging the Big Bets of a Hot Hand - (www.nytimes.com)
FBI: Mortgage fraud cases on upswing - (www.chicagotribune.com)

Monday May 26 Housing and Economic stories

Top Stories:

A Congressional Speculator? - (calculatedrisk.blogspot.com) - This is an update to post below on Rep. Linda Richardson's foreclosure woes. Gene Maddaus of the Daily Breeze kindly forwarded today's additions to the saga. There are not two, but three homes owned by Richardson in foreclosure. And yes, she appears to have cashed out her primary residence back in 2006 to fund her campaign for State Assembly. So it looks like a pattern."
City of Vallejo, California files for bankruptcy - (www.reuters.com) - The city of Vallejo, California, filed for bankruptcy on Friday, a move signaled by its city council earlier this month as it struggles to avoid running out of money amid steep city personnel costs and sliding revenues from a housing slump. Vallejo, with more than 100,000 residents, is the first sizable city in California to file for bankruptcy.
Report says Moody's, others shifted analysts at banks' request - (www.financialweek.com) – Yes, the same companies that rated mortgage securities as AAA and rated Enron highly before they went into bankruptcy are showing their conflicts of interest.
Limits Weighed for Commodities Investors - (www.nytimes.com) Patients are now running the asylum. Instead of addressing root case, moron Joseph Lieberman, chairman of a Senate oversight committee, said Tuesday that he was considering legislation limiting large institutional investors in commodities markets. The legislation would be aimed at speculators and other investors who use commodities like oil as a way to hedge against swings in other investment instruments, like stocks and the American dollar.
Toughest Summer Job Is Finding One - (www.nytimes.com) - As the forces of economic downturn ripple widely across the United States, the job market of 2008 is shaping up as the weakest in more than half a century for teenagers looking for summer work, according to labor economists, government data and companies that hire young people.
Home price index posts largest drop in history - (www.ap.com) - A home-price index considered to be the most comprehensive reading of the U.S. market posted the sharpest decline (3.1% in 1Q2008) in its 17-year history, & analysts say housing has yet to bottom out.
Mesa Air may file for bankruptcy - (www.arizonarepublic.com)
Fingerprint Registry in Housing Bill!!! – (www.openmarket.org) – You wonder why Congress’ approval ratings are lower than Bush, because they are standing around giving away all our rights. Earlier this week, a measure creating a federal fingerprint registry totally unrelated to national security passed a U.S. Senate committee almost without notice. The legislation would require thousands of individuals working even tangentially in the mortgage and real estate industries — and not suspected of anything — to send their prints to the feds. The database and fingerprint mandates were tucked into housing and foreclosure assistance bills that on Tuesday passed the Senate Banking Committee by a vote of 19-2
New Vanguard CEO declares Media Blackout - (www.ml-implode.com) - New CEO Joe Nocito Jr. warns his "employees" of "DISCIPLINARY ACTION" if they talk to the media. "There is to be NO communication with ANY members of the media."
Woman loses job, burns down house for money - (blogs.tampabay.com)
Citigroup's CDO Shows Enron Accounting - (www.bloomberg.com)
Florida Pension Fund Is Suing AIG - (www.nytimes.com)
Moody's Plunges for Second Day After Cover-Up Probe - (www.bloomberg.com)



Other Stories:

Housing's False Bottom - (Charles Hugh Smith at www.oftwominds.com)
Loan failures rise for 37th straight month, extending record - (www.signonsandiego.com)
FDIC's Bair: Foreclosure Aid Is 'Train Wreck' - (blogs.wsj.com)
How Is the Klan Like a Group of Real-Estate Agents? - (www.freakonomicsbook.com)

Canadian Housing Market Also Subject To Housing “Physics” And Is Going Down - (www.ml-implode.com) - "Alas, what goes up, must come down- even in Canada. After months of the MSM reporting that the Canadian housing market would n...
Bribery, Kickbacks, Indictments, Ratergate - (www.ml-implode.com) - "Fraud, greed, and market tops go hand in hand like clockwork. We saw that in housing, we are seeing it other places as well suc...
David Einhorn’s ‘Must-Read’ Speech Exposing Lehman’s Lies - (www.ml-implode.com) - ``After an in-depth and informative intro, [Einhorn] dives right into Lehman with research that is quite damning.'' Here is a n...
Historical Housing Graphs: Months of Supply, Sales and Inventory - (www.ml-implode.com)
Fraud Probe At Moody's - (www.ml-implode.com)
Merrill Suspends Trader, Finds Overvalued Derivatives - (www.ml-implode.com)
Ranieri Pursuing $1 Billion Distressed Mortgage Fund - (www.ml-implode.com)
As I see it, 32 commercial banks and thrifts may see the feces hit the fan blades - (www.ml-implode.com)
Comptroller Dugan on "Unprecedented Home Equity Loan Losses" - (www.ml-implode.com)
Existing Home Sales Match All-Time Low in April; Inventory Swells - (www.ml-implode.com)
Builders STILL Tout No-Money Down, Adjustable Mortgages - (money.cnn.com)
Fannie Still Runs Amok: Didn't We Learn Anything? - (www.seekingalpha.com)
Freddie Mac Suffers Bout of "Temporary" Insanity - (www.bloomberg.com)
US House Prices Tumble 3.1% in First Quarter - (www.bloomberg.com)
Gov't house price index posts largest drop in 17-year history - (www.breitbart.com)
Trouble ahead for global house prices - (www.economist.com)
More Questions Are Raised About Moody's Ratings - (www.nytimes.com)
Pimco's Gross Says U.S. Underestimating Inflation - (www.bloomberg.com)

An inquiry into interbank loan rate - (www.iht.com)
Bad Oil Bets Haunt Speculators - (online.wsj.com)
Prices of Credit Derivatives Take a Drift - (online.wsj.com)
Foreclosure forecast grim - (www.signonsandiego.com)
If $4 Gas Is Bad, Just Wait - (online.wsj.com)

Retailers face uncertain second half of 2008 - (www.signonsandiego.com)
Builders Tout Incentives In Bid to Sell Homes - (online.wsj.com)
Moody's Cuts AIG's Senior Unsecured Credit Rating After Loss - (www.bloomberg.com)
Hybrid sales are zooming - (www.latimes.com)
McDonald's dollar menu to stay, executives say - (www.chicagotribune.com)
Housing slump, fuel prices squeeze moving firms - (www.latimes.com)

New Find Fuels Speculation Brazil Will Be a Power in Oil - (online.wsj.com)
U.K. Economy Grows the Least Since 2005 on Investment - (www.bloomberg.com)
European Services, Manufacturing Growth Slowed in May - (www.bloomberg.com)
Mexico prospering despite U.S. slowdown - (www.latimes.com)
Gauging the Big Bets of a Hot Hand - (www.nytimes.com)
FBI: Mortgage fraud cases on upswing - (www.chicagotribune.com)

Thursday April 17 Housing and Economic stories

Top Stories:

JPMorgan Quietly Raising $6 Billion - (www.ml-implode.com) - The hush-hush plans to raise capital at the Wall Street bank would seem to contrast sharply against remarks made by JPMorgan CEO Jamie Dimon earlier Wednesday, who had said that the credit mess was “working itself out.” No mention was made on the earnings call about raising $6 billion, and a source that spoke with HW reacted to the news with stunned silence upon hearing of the plan.
Foreclosures' grim rise reverses fortunes in city - (www.palmbeachpost.com)
States Tackle Foreclosures In Absence of Federal Help - (www.washingtonpost.com)
Foreclosure Act Does Squat for Houseowners - (www.thestreet.com) – It shouldn’t do squat for homeowners or lenders or banks. Let’s face it, most deserve the situation they are in.
US mortgage clock ticking, Dodd warns - (www.ft.com)
Der Spiegel: The Madness of Ben Bernanke - (www.spiegel.de)
Washington Mutual swings to 1Q loss on $3.5B provision - (www.forbes.com)
Merrill Upped Ante as Bonds Fizzled - (online.wsj.com)
JPMorgan Net Drops 50% on $5.1 Billion of Writedowns, Reserves - (www.bloomberg.com)
Dollar Falls to Record Against Euro as EU Inflation Quickens - (www.bloomberg.com)
Businesses Get Big Tax Breaks in Housing Bill - (www.nytimes.com)
Banking Supervisors Move to Gird International System - (www.iht.com)
March's housing stats grim; no sign of foreclosure peak - (www.modbee.com)
Houseowners get that drowning feeling - (www.sfgate.com)
SoCal house prices fall to 2004 levels - (latimesblogs.latimes.com)
Housing crisis yields 18.9-month supply of houses for sale - (www.freep.com)
Merrill's Reckless Mortgage Bond Binge - (www.ml-implode.com)


Other Stories:

S&P may cut $57 bln subprime debt, reviewing loss - (www.ml-implode.com) - Standard & Poor's on Tuesday said it may cut $57.1 billion of subprime-related debt due to continuing delinquencies and a wor...
Government plans to help UK banks - (www.ml-implode.com) - The Bank of England is poised to launch a new lending programme for UK banks in an effort to break the logjam in the credit mar...
CtW Invest Asks WaMu Board To Demand Resignations Of 2 Directors - (www.ml-implode.com)
Economists Debate Link Between War, Credit Crisis - (www.washingtonpost.com)
Coming Soon to a Bank Near You: The $57 Overdraft Fee? - (blog.lendingclub.com)
The Price of Oil Hasn't Budged Since 2001 -- Priced in Gold - (www.dailygreen.com)
Bush the Most Unpopular Post War President Ever - (abcnews.go.com)
Fears of Long Recession Rising - (money.cnn.com)
80% of Arab World Has Negative View of US - (news.bbc.co.uk)
Obama Would Ask His AG to "Immediately Review" Potential Bush War Crimes - (www.philly.com)
Dollar Falls to Record Low vs. Euro - (www.bloomberg.com)
Price of Oil, Gas Hit New Highs - (ww.nytimes.com)
The Next Mortgage Crisis - (www.slate.com)
Why the next mortgage crisis may be worse - (www.slate.com)
House Sales, Prices Down In January - (www.allheadlinenews.com)
New buyers need a price crash - (www.introducertoday.co.uk)
Borrowers Sober Up - (www.seekingalpha.com)
Ron Paul Sees Bailout Writing on the Wall - (www.usnews.com)
Angry Renter: Oppose the Mortgage Lender Housing Bailout - (www.angryrenter.com)

Gold, Silver Climb as Dollar Falls to All-Time Low Against Euro - (www.bloomberg.com)
Oil, Gasoline Rise to Records After Unexpected U.S. Supply Drop - (www.bloomberg.com)
Foreclosures Jump 57% as Homedebtors WALK AWAY - (www.bloomberg.com)
California Foreclosures Increase 20 Percent in March - (www.kpbs.org)
Foreclosures continue to soar, worst is not over - (www.msnbc.msn.com)
Foreclosure glut further depresses housing prices - (www.latimes.com)
As Greenspan's reputation sinks, Volcker's rises - (msnbc.msn.com)
Wholesale prices soared in March: Thank The Fed - (news.yahoo.com)
'Mr. No Bailout' getting noticed - (www.kentucky.com)

U.S. Housing Starts Slide to Lowest Level in 17 Years - (www.bloomberg.com)
U.S. Consumer Prices Rose 0.3% in March, Led by Food - (www.bloomberg.com)
Fed Beige Book Says Economy `Weakened' Since February - (www.bloomberg.com)
Inflation Everywhere - (www.forbes.com)
Bankruptcy filings rise 38% in 2007 - (www.latimes.com)
An Inflation Indicator Leaves the Fed in a Tough Spot - (www.nytimes.com)
Houston's upscale home sales fall victim to slump - (www.chron.com)
Record number of Atlanta properties up for auction - (www.ajc.com)
Rate of home foreclosures expected to get worse - (www.usatoday.com)
Bankers Cast Doubt on Key Rate - (online.wsj.com)
OECD predicts subprime losses to hit $420bn - (www.ft.com)
Subprime past its heyday - (www.financialweek.com)
Foreclosure glut further depresses housing prices - (www.latimes.com)
Hedge Funds Need More Oversight, Transparency, Treasury Panels Say - (www.washingtonpost.com)

Merrill Lynch to write down further $6-8 bln: report - (www.reuters.com)
Fannie, Freddie regulator sees more risk ahead - (www.reuters.com)
GM plant partially halts production due to strike - (money.cnn.com)
2 more carriers consider merging - (www.latimes.com)
Europe car sales hit by financial crisis - (www.ft.com)
North Korea Faces Food Crisis, UN Agency Warns - (www.bloomberg.com)

Wednesday April 16 Housing and Economic stories

Top Stories:

Implications of Central Bank monetary policies, Politician subsidies for farmers to convert food to Bio-Fuels. But do we expect anything other than market meddling from our representatives in government?
· Stupiditiy, Fuel Choices & Food Crises - (www.nytimes.com)
· Riots, Instability Spread as Food Prices Skyrocket - (www.cnn.com)
· IMF Alert on Starvation and Civil Unrest - (www.smh.com.au)
· Food Riots 'An apocalyptic warning' - (www.abc.net.au)
· Oil Hits $113 - (www.bloomberg.com)
· Egyptians Cannot Afford Daily Bread - (edition.cnn.com)

Mortgage Payments Worry Many - (www.sfgate.com)
Many Homedebtors Can Walk Away With No Penalty - (Mish at globaleconomicanalysis.blogspot.com)
Fuel Choices, Food Crises and Finger-Pointing - (www.nytimes.com) – I like how the originators of the food to biofuel programs are trying hard to defend the program.
Foreclosures on Marco Island, FL - (patrick.net) – Look at the foreclosure map/chart for the island. Pretty wild.
Feeling cheated, houseowners sue Realtors - (www.lvrj.com) – This is another case. Previous case was near San Diego. This one is near Las Vegas.
Youngstown Ohio: The Incredible Shrinking City - (money.cnn.com)
Falling corporate profits gouge wider hole in Calif. budget - (www.latimes.com)
Southern California home prices slide to 2004 levels - (www.latimes.com)
March's median is off 5.6% from the previous month and 23.8% from February 2007.
Crocs to fire 600 workers in Canada after cutting profit, sales forecasts - (www.latimes.com) Crocs, maker of the namesake colorful clogs, said it would fire its 600 Canadian plant workers after lowering annual earnings and sales forecasts as consumer spending
Citi allows loan 'cherry picking' - (www.ft.com)
'Tranche warfare' breaks out over CDOs - (www.ft.com)
Sour economy casts pall over once sunny Florida - (www.reuters.com)
Jefferson County Wins Bond Payment Break as State Mulls Options - (www.bloomberg.com) – Alabama county spared bankruptcy for now.


Other Stories:

Southern California home prices take another hit - (www.latimes.com) - The region's median sales price drops to $385,000 in March. The total number of homes sold is up from February, but down 41% from a year ago.
FT: US Credit Rating Under Threat - (ws.ft.com)
March Wholesale Prices Soar – (biz.yahoo.com/ap)
Cascading Retail Bankruptcies as Recession Takes HoldBear Market Rally Fooling No One - (www.stuff.co.nz)
Goldman Sachs and Wells Fargo Warn "Delusional" Investors on Stocks - (www.telegraph.co.uk)US Foreclosures Jump 57 as Homeowners Just Say No - (www.bloomberg.com)
Bulging Prisons Drain Michigan's Budget - (www.detnews.com)
And now this: Boomers to Flood Medical System - (www.sfgate.com)

Oil, Gasoline Climb to Records as Investors Move to Commodities - (www.bloomberg.com)
Corn, Soybeans Rise on `Buying Panic' to Avoid Food Shortages - (www.bloomberg.com)
US consumer confidence lowest since Oct 1993 - (www.reuters.com)
US Foreclosure Filings Jump in March - (www.chicagotribune.com)
U.S. Foreclosures Jump 57% as Homeowners Walk Away - (www.bloomberg.com)
America's long hangover - (www.economist.com)
The next mortgage crisis - (www.slate.com)
New York Fed Factory Index Unexpectedly Rose in April - (www.bloomberg.com)
Largest Vegas casino operator fires 440 - (www.allheadlinenews.com)

Swaps Tied to Losses Transformed Into `Frankenstein's Monster' - (www.bloomberg.com)
Hedge funds don't need rules, just guidance: - (www.ap.com)
Global funding pressures intensify - (www.ft.com)
More shock than awe this earnings season - (www.nypost.com)
Mark to market good for the long term? - (www.cfo.com)
Growing Majority Avoid Buying Houses - (apnews.myway.com)
Embracing shrinkage - (money.cnn.com)
National web of greed lured foolish buyers - (news.bostonherald.com)
Auction-Rate Bond Market Will `Cease to Exist', Citigroup Says - (www.bloomberg.com)
Credit-Default Swaps Market Grows to $62.2 Trillion, ISDA Says - (www.bloomberg.com)
Pessimism over housing crisis grows - (www.signonsandiego.com)
Food Shortage Rises With Prices - (www.forbes.com)
Squeeze takes toll on US student loans - (www.ft.com)
Success as a trader linked to testosterone level? - (www.chicagotribune.com)
America's Worst-Selling Housing Markets - (www.forbes.com)
Fourth-largest US bank resorts to emergency fundraising - (www.guardian.co.uk)
U.S. housing collapse spreads overseas - (www.iht.com)
An Economy Built On Lies - (www.lewrockwell.com)

Report Highlights Fannie, Freddie Risks - (www.chicagotribune.com)
Intel Forecast Tops Analysts' Estimates; Shares Rise - (www.bloomberg.com)
The bust is starting to catch up with regional lenders - (www.economist.com)
Retailing Chains Caught in a Wave of Bankruptcies - (www.nytimes.com)
Surprise Loss at Wachovia Stirs Profit-Season Unease - (www.nytimes.com)
Fitch downgrades Macy's to near junk - (www.chicagotribune.com)
Chrysler, Nissan buy each other's vehicle - (www.chicagotribune.com)
Small business: How to borrow in a weak economy - (www.newsday.com)
Appraisers say WaMu cut corners to increase its mortgage business - (seattletimes.nwsource.com)
Fannie, Freddie pressed on risk management - (www.ft.com)
The Housing Bailout Backlash - (www.usnews.com)
California Median: $373,000, Fannie Limit: $729,500. Make Sense? - (www.mybudget360.com)
Letter To Senators - (patrick.net)
At Wachovia, Pick-A-Pay Becomes Pick-A-Problem - (money.cnn.com)
What Warren thinks investors should do - (money.cnn.com)

London could lose 40,000 financial jobs - (www.reportonbusiness.com)
Eurozone inflation at 16-year high - (www.ft.com)
Fears that Russian oil output has hit its peak - (www.ft.com)
UK housing gloom 'worst in 30 years' - (news.bbc.co.uk)
German Investor Confidence Unexpectedly Fell in April - (www.bloomberg.com)
City may lose 40,000 jobs, predicts JP Morgan - (www.telegraph.co.uk)
U.K. RICS House-Price Balance Is Worst Since 1978 - (www.bloomberg.com)
Insight: Watch out for aftershocks - (www.ft.com) ($) , Stephen Roach
Goldman Says "Awful" Profits Will Drag Down Stocks - (www.bloomberg.com)
Auction Rate Collapse Creates 12% After-Tax - (www.bloomberg.com)
House Price Crash Calculator - (img.thisismoney.co.uk)

Tuesday April 15 Housing and Economic stories

Top Stories:

Terrified Fannie "warns" housedebtors who walk away - (www.sfgate.com) – On March 31, Fannie Mae sent out new guidelines to lenders intended for walkaways and other foreclosure situations. Fannie will now prohibit foreclosed borrowers from getting another mortgage through the giant investor for five years, unless there are "documented extenuating circumstances." In those cases, the mortgage prohibition is for three years.
You Thought You Had an Equity Line - (www.nytimes.com)
Continental, United Could Merge 'Pretty Quickly': Source - (www.cnbc.com)
Continental Airlines and United Airlines have laid most of the groundwork for a merger, sources said, and could have a deal ready if Delta Air Lines and Northwest Airlines announce a tie-up.
Sinking housing market maroons houseowners - (www.insidebayarea.com) – Homes are supposed to be more than 1-2 year investments so homeowners “should” be marooned in their homes.
What is Paulson Smoking? "IRS's $600 Stimulus Checks Will Add 500,000 - 600,000 Jobs to Economy." - (www.nytimes.com)
Restaurants Find Diners Choosing Cheaper Fare - (www.boston.com)
Jury Says Realtor Not to Blame for Purchase Price - (www.voiceofsandiego.org) – For once I agree, it is about time the home-purchasers take some blame here for their greed and stupidity instead of blaming everyone else.
New loan changes bring no relief - (www.sfgate.com)
Walking Away From Your Mortgage - (www.ml-implode.com) – The San Francisco Chronicle reported the threat by Fannie Mae and Freddie Mac 'to make anyone thinking about joining the growing "walkaway" trend,..., feel the pain'. Here are some good observations on the subject on minyanville.com
Biofuels Nothing Short of a Disaster - (www.canada.com)
No-down-payment mortgages are gone - (www.marketwatch.com)
‘Tranche warfare’ breaks out over CDOs - (www.ft.com)
Assets seized to halt payment to others - 18:45
Did appraisers juice Florida real-estate market? - (www.orlandosentinel.com) – Yes, but so did the banks, realtors, homeowners and everyone else. They all participated on the way up and are now blaming each other on the way down.
Stresses on Fannie, Freddie pose wider risks - (www.ml-implode.com) - 'A deep recession could force mortgage-finance titans Fannie Mae and Freddie Mac to require a federal bailout large enough to hurt the U.S. government's top-grade credit rating, Standard & Poor's warned Monday.'
Banks Must Write Down Loans to Prevent a Mass Homeowner Exodus - (www.ml-implode.com) - The word is out and the banks and servicers need to get a clue. People are walking from their underwater homes in droves. Wha...
John Rubino: America, Ex-Distortion - (www.dollarcollapse.com) – Key paragraphs below:
"Almost four decades have passed since the United States scrapped its last currency ties to precious metals. Our copper and nickel coinage still retains some metallic value, but not nearly enough for the purpose of currency tampering--the historic temptation of inflation-plagued or otherwise wayward governments, including, at times, our own. Instead, since the 1960s, Washington has been forced to gull its citizens and creditors by debasing official statistics: the vital instruments with which the vigor and muscle of the American economy are measured. The effect, over the past twenty-five years, has been to create a false sense of economic achievement and rectitude, allowing us to maintain artificially low interest rates, massive government borrowing, and a dangerous reliance on mortgage and financial debt even as real economic growth has been slower than claimed. If Washington’s harping on weapons of mass destruction was essential to buoy public support for the invasion of Iraq, the use of deceptive statistics has played its own vital role in convincing many Americans that the U.S. economy is stronger, fairer, more productive, more dominant, and richer with opportunity than it actually is."


Other Stories:

Nationalization or monetization? - (www.ml-implode.com) - 'Fortunately, given the rate at which home prices are now declining in many parts of the country, any government action in suppo...
Mortgage payments worry many - (www.ml-implode.com) - 'In an ominous snapshot of how the sagging real estate market and sour economy are intersecting, the Associated Press-AOL Money ...
Accounting failures enter the subprime equation - (www.ml-implode.com) - As homeowners, shareholders and federal investigators pick through the subprime wreckage, many have asked how effectively fro...
Bank denies cash-raising reports - (www.ml-implode.com)
Phoenix Median Home Price Down A “Stable” 17% In March - (www.ml-implode.com)
Many skeptical of Foreclosure Protection Act - (www.ml-implode.com)

Credit Crisis Could Affect Markets for Decade: Study - (www.cnbc.com)
Citi allows loan ‘cherry picking’ - (www.ft.com)
Move could complicate balance sheet clean-up - 23:22
Inflation takes bite out of paychecks: Fed's Fault - (www.idahostatesman.com)
Blunt former Fed chairman Volcker takes on Bernanke - (www.theglobeandmail.com)
A Tale of Two Coasts - (www.seekingalpha.com)
Price boom redistributes wealth destructively - (www.independent.co.uk)
California Mortgage Rates Still High - (www.mybudget360.com)
Stocks Brace for Flood of Earnings - (www.marketwatch.com)
Congress study: Housing aid wouldn't help economy - (news.yahoo.com)
'Subprime Relief Plan' May Make a Bad Situation Worse - (www.seekingalpha.com)
US Housing Woes Spread Around the Globe - (www.nytimes.com)
CitiGroup, Merrill Reveal Fresh $15B Losses - (business.timesonline.co.uk)
Oil, Gasoline Close at Records on Dollar Weakness Against Euro - (www.bloomberg.com)
Stocks Close Down Amid Earnings Concerns - (www.ap.com)
Against a housing bailout: let the prices fall! - (www.walletpop.com)
Shiller: Housing Will Continue to Fall - (www.seekingalpha.com)
Pending sales index points to declines ahead - (www.businessweek.com)

U.S. Retail Sales Rise on Gain in Gasoline Purchases - (www.bloomberg.com)
The consumer spending mirage - (www.businessweek.com)
Phoenix job growth slows - (www.azcentral.com)
As Greenspan’s reputation sinks, Volcker’s rises - (www.ap.com)
Atlanta gas prices hit new high of $3.36 per gallon - (www.ajc.com)
Schools Get A Lesson in Lunch Line Economics - (www.nytimes.com)
The Meltdown Lowdown - (www.prospect.org)
Gold as an investment - (en.wikipedia.org)
Is A House Really A Good Investment? - (cosmos.bcst.yahoo.com)

Goldman Strategists Say U.S. Earnings Are `Awful' - (www.bloomberg.com)
Is Street Turmoil Coloring Art Market? - (online.wsj.com)
Record grain prices provide food for thought - (www.ft.com)
Nothing Special With Treasuries as Fed Has Mortgages - (www.bloomberg.com)
IRS audits of largest corporations declining - (www.ajc.com)

Wachovia Posts Loss, Plans $7 Billion Capital Raising - (www.bloomberg.com)
Northwest, Delta near merger deal - (www.chicagotribune.com)
Newspaper Vendors Worry About Downturn - (www.chicagotribune.com)
Ex-Commerce Chief down on big banks - (www.nypost.com)
Housing Woes in U.S. Spread Around Globe - (www.nytimes.com)