Tuesday July 1 Housing and Economic stories

Top Stories: Do these look like healthy bank/lender stock charts? (click on chart for larger view)

Ron Paul on Federal Reserve and Inflation - (www.youtube.com) New Ron Paul video from 6/25/08 on Fed Reserve meeting results.

Is IndyMac on the verge of Bankruptcy? Stock falls below $1 after being hit with a run on the bank on Saturday
· After some depositors pull funds, IndyMac responds to latest rumors about its health; says it's working with regulators - (latimesblogs.latimes.com) Pasadena-based mortgage lender IndyMac Bancorp, battling fresh rumors that it is near collapse, conceded today that its financial position "has deteriorated since last quarter," and said it was working on a plan with its regulators to improve "the safety and soundness" of the bank.
· Late Day Update: Indymac Closes Commercial Unit, Depositors Withdrawing Funds - (www.ml-implode.com) - At 5:45 pm (EST), the following email was sent to customers of Indymac's commercial lending unit, Indymac Commercial Lending Corp.:
"ICLC, due to the current market and capital constraints has ceased lending operations as of 7/1/08. A formal announcement from ICLC will be coming out tomorrow regarding details and loans in process." Referring to today's press release on The IMB Report, Indymac's company web site, an LA Times report refers to "a weekend that saw depositors line up at some of its San Gabriel Valley branches to pull their money, as they reacted to news reports questioning the company's survival." Indymac's article responds with "while branch traffic is somewhat elevated this morning, it is substantially lower than on Saturday, and we are hopeful that this issue appropriately abates soon..."
· Schumer: concerned over IndyMac stability - (www.ap.com)
· [$$] Schumer Asks Regulators For Greater IndyMac Scrutinyat - (us.rd.yahoo.com/finance/external/wsj)
· CRL: Indymac Dug Its Own Grave - (www.thetruthaboutmortgage.com) - The Center for Responsible Lending has impeccable timing, considering the fact that Indymac is trading at its lowest point ever amid mounting solvency concerns.The group released a 22-page report today outlining the Pasadena, CA-based mortgage lender’s failings, accusing the company of “unsound and abusive lending” during the recent boom. The report includes interviews with former employees, which among other things, claim Indymac padded borrower income, used bogus appraisals, worked with misleading mortgage brokers, and treated minorities and the elderly unfairly.
· IndyMac Update: Shares Down On More Bad News - (www.ml-implode.com)


Will Lehman Brothers suffer the same fate as Bear Stearns? It will likely (within next month) be bailed out by the Fed or Barclays
· Lehman falls on talk of possible sale to Barclays - (www.ap.com) - Lehman Brothers Holdings Inc. shares fell sharply (over $2.4/share) Monday amid speculation that the nation's fourth-largest investment bank might be acquired by Britain's Barclays PLC at a discount price.
· Lehman up after Morgan Stanley's overweight rating - (www.reuters.com) – Yet Morgan Stanley changes rating to “overweight”. We should know in less than a month if MS was unethically trying to protect their interest or if Lehman gets acquired at $31/share.
· [$$] Lehman Hits Lowest Level Since 2000 Amid Buzz - (us.rd.yahoo.com/finance/external/wsj)









And how about Wachovia. Prediction is Wachovia will be acquired (or liquidated) in the next 2 months:
· Wachovia Drops On News of Possible $5 Billion Buyback - (www.bloomberg.com) Wachovia Corp., the fourth-largest U.S. bank, fell the most in two months after the New York Post said the company may have to buy back Prudential Financial Inc.'s stake in their joint retail brokerage venture.
· Wachovia halts mortgages with negative amortization featuresat MarketWatch(Mon 5:28pm) – (www.marketwatch.com)
· Wachovia eliminates pick-a-pay loansat bizjournals.com(Mon 5:25pm) – (www.bizjournals.com)
· ALERT! Wachovia Cries ‘UNCLE’ on the Pay Option ARM - (www.ml-implode.com)

Court Ruling Could Shock Entire U.S. Mortgage Industry - (www.ml-implode.com) - A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law.
BIS slams central banks, warns of worse crunch to come - (www.telegraph.co.uk) A year ago, the Bank for International Settlements startled the financial world by warning that we might soon face challenges last seen during the onset of the Great Depression. This has proved frighteningly accurate. The venerable body, the ultimate bank of central bankers, said years of loose monetary policy had fuelled a dangerous credit bubble that would entail "much higher costs than is commonly supposed". In a pointed attack on the US Federal Reserve, it said central banks would not find it easy to "clean up" once property bubbles have burst. If only we had all listened to the BIS a long time ago. Ensconced in its Swiss lair, it has fired off anathemas for years, struggling to uphold orthodoxy against the follies of modern central banking. Bill White, the departing chief economist, has now penned his swansong, the BIS's 78th Annual Report, released today. It is a disconcerting read for those who want to hope the global crisis is over. "The current market turmoil is without precedent in the postwar period. With a significant risk of recession in the US, compounded by sharply rising inflation in many countries, fears are building that the global economy might be at some kind of tipping point," it said. "These fears are not groundless. The magnitude of the problems yet to be faced could be much greater than many now perceive," it said. "It is not impossible that the unwinding of the credit bubble could, after a temporary period of higher inflation, culminate in a deflation that might be hard to manage, all the more so given the high debt levels."
Next Victim of Real Estate Bubble: Government - (www.businessweek.com) - State and local governments were flush with tax revenue during the five-year housing boom. They pulled from bulging pools of property, income, and sales tax to expand education, law enforcement, health care, and infrastructure programs without needing to burden residents and corporations with tax hikes. Those days are over. Home prices are falling, and foreclosures, gas prices, unemployment, and inflation are on the rise. At least 29 states, plus the District of Columbia, reported budget shortfalls that total about $48 billion as they finalized their 2009 fiscal budgets, which typically begin July 1, according to the Center on Budget & Policy Priorities.
Credit crisis fallout to limit houseowner spending - (www.reuters.com) "(U.S.) household spending now seems likely to weaken in response to high debt and service burdens, falling employment and the general tightening of credit conditions," it said.
A growing trend of negative equity -- where falling house prices leave homeowners with a mortgage bigger than their property's value -- is also expected to corset the borrowing ability of U.S. households. In some parts of the United States, houses have halved in value over the last two years as the property bubble has popped and mortgage defaults surge while builders flood already saturated markets with new properties. "As housing prices fall and credit conditions tighten, (more) such loans are likely to default because borrowers have few alternative financial resources," BIS said.
The Greenspan Gamble - (www.rgemonitor.com) it appears to me that the "Super Fed" could actually happen. Many of the other changes require consolidation of regulatory agencies, and bureaucracies seldom go gently into that good night. They and their constituents will fight for survival and probably win. But the Fed expansion is likely to be seen as the solution the problem of risk that the housing bust has made apparent. But wait. Isn't this the same Fed whose 1 percent fed funds rate helped inflate the great Housing and Mortgage Bubble that is now popping? Didn't this lead to massive losses, illiquidity, and panic? Wasn't the bubble exactly the sort of systemic risk that the new, more powerful Fed is expected to effectively manage?



Other Stories:

Deflationary Hurricanes to Hit U.S. and U.K. - (Mish at globaleconomicanalysis.blogspot.com) British households are now more indebted than those of any other major country in recorded history, it has emerged. Families in the UK now owe a record 173pc of their incomes in debts, official figures have shown. The ratio of debt to income is higher than any other country in the Group of Seven leading industrialised economies, and is sharply higher than the 129pc of incomes it was five years ago.
OPEC pres sees oil at $170 this year, blames Fed - (www.marketwatch.com)
28 in Michigan Charged With Mortgage Fraud - (www.ml-implode.com)
The end of the superbubble - (articles.moneycentral.msn.com)
FL Joins List Of States Lining Up With Suits Against Countrywide - (www.ml-implode.com) - Florida sued mortgage lender Countrywide Financial Corp for predatory lending practices on Monday, alleging the company at the c...
Central Bank Schizophrenia - (www.ml-implode.com) - "What is Ben Bernanke to do? Since his job is simultaneously to avoid recession while protecting against inflation, and right no...
Is Any Company Safe from Subprime Related Lawsuits? - (www.ml-implode.com)
California Under Schwarzenegger Underperforms Davis Debt Burden - (www.bloomberg.com) As the most populous U.S. state, with a gross domestic product that's No. 8 in the world, California is so strapped for cash that it must consider a short-term, $10 billion loan to cover its bills. The widening deficit means the financing may be about 0.85 percentage point more expensive than five years ago, when Davis lost his job over a budget gap twice as large as the $17 billion deficit the state now faces. That's an added $8.5 million on every $1 billion borrowed.

Consumers fail to save despite the gloom - (www.ft.com)
Subprime, Alt-A Bonds to Extend Drop as Banks Retreat - (www.bloomberg.com)
Homeowners Fall Further Behind on Mortgage Payments, Group Says - (www.bloomberg.com)
Engineering the Housing Bubble Through Monthly Payments - (mrmortgage.ml-implode.com)
Lenders create a bankruptcy monster - (articles.moneycentral.msn.com)
Crash not be an altogether bad thing - (www.atimes.com)
Lehman Selling Archstone - (patrick.net)
Second-Largest New England City Seeks Foreclosure Moratorium - (www.ml-implode.com)
Is Oil Having an Impact on Housing? Taking a Look at Los Angeles County - (www.ml-implode.com)
Mr Mortgage: Engineering the Housing Bubble Through Monthly Payments - (www.ml-implode.com)
Who owns my mortgage? - (msnbc.msn.com)
You ain't seen nothing yet - (www.informationclearinghouse.info)
Gloom and Doom? Nah; Just for the U.S. - (online.barrons.com)
One bullish American economist amid growling bears - (www.telegraph.co.uk)
Is Oil Impacting Housing? Look at Los Angeles County - (www.mybudget360.com)
Will the USA Invade Canada For Its Oil? - (www.sandersresearch.com)
Economist describes why inflation hits harder now - (www.marketwatch.com)

Hoarding Nations Drive Food Costs Ever Higher - (www.nytimes.com)
One Rebate Isn’t Enough - (www.nytimes.com) , Shiller
World needs tough monetary policy to tackle inflation - (www.reuters.com)
Northeast braces for home heating oil increases - (www.usatoday.com)

Banks seek market-based pricing scheme - (www.ft.com)
MBIA Has Sufficient Assets to Meet Collateral Call - (www.bloomberg.com)
Legg Mason Support for Money Funds to Cut Earnings by 64 Cents - (www.bloomberg.com)
Businesses Scramble To Offset Rising Cost Of Transportation - (online.wsj.com)
Small US banks feel the pinch - (www.ft.com)

European Prices Rise More Than Forecast as Oil Surges - (www.bloomberg.com)
China Stocks Fall; Benchmark Index Completes Worst Month Ever - (www.bloomberg.com)
Eurozone inflation jumps to 4% - (www.ft.com)

Tuesday April 29 Housing and Economic stories

Top Stories:

Condo is Tower of Solitude - (www.tampabay.com) – This is just a great story. Condo owner has almost the entire hi-rise to himself.
Maintenance is slow. Not long ago, Johnny clogged the garbage chute with pizza boxes, and when no one showed up to fix the problem, he dragged a concrete block five flights up and dropped it in the chute. When that failed, he tried another. "It just exploded," he says. The pool isn't heated. Johnny suspects it's because there aren't enough residents to justify the bills. He did figure out how to activate the waterfall, which pours down from Disneyfied bluffs. Still, instead of mingling beauties on lounge chairs and late-night Red Bull-and-vodka parties, the only real action on pool deck is the occasional Realtor networking social. Yay.
Raised in boom times, many Gen-X and Yers see their dreams go bust - (www.latimes.com) – Hmm, it’s just hard for me to feel sorry for these guys.
Jason Liebrecht used to write about his motorcycle adventures on his blog. But since early this month, the 36-year-old San Diego computer software engineer's daily musings have been about a less thrilling new experience: unemployment. "Do I find a job, or do I head to Central and South America on the motorcycle?" he wrote on Day 4. By Day 7, he had become more realistic. After selling some stock and applying for unemployment, Liebrecht figures he can pay his $2,300-a-month mortgage and other bills for just two months. When his company health insurance runs out in a few weeks, he'll go uncovered because he can't afford the premiums. "You have to just hope you land on your feet," Liebrecht said in an interview.
New Houses Turning Old as the Inventory Piles Up - (www.nytimes.com)
History Hints a Recession Would Hit City Hard - (www.nytimes.com) - The situation has worsened enough that the New York City Independent Budget Office, which said a month ago that it expected a brief and mild recession, is preparing a forecast that is likely to be significantly bleaker, said Ronnie Lowenstein, the director.
While You Weren’t Looking: FHA-Insured Jumbos on the Move - (www.ml-implode.com) - Under the Economic Stimulus Act of 2008, The Federal Housing Administration received a huge shot in the arm when it saw its lend...
Bank of America to Modify Mortgages, Help Homeowners - (www.ml-implode.com) - Bank of America Corp., seeking approval of its Countrywide Financial Corp. takeover, plans to modify at least $40 billion of mor...
Walkaways Are Over Already? - (www.ml-implode.com) - Alan Nevin, chief economist for the California Building Industry Association and San Diego-based MarketPointe Realty Advisors, predicted foreclosure sales could account for as many as 15,000 out of 25,000 total sales this year. But at some point, the foreclosures will drop off, he Nevin said. “Anybody who's going to walk away from a house or condo has already done it,” Nevin said. “Now it's just a matter of the pig going through the snake.”
Taxpayers Already Bailing Out Housing Market - (www.ml-implode.com)
S&P delivers blow to CDOs - (www.ft.com)
RBS May Cut 7,000 Investment Banking Jobs, People Say - (www.bloomberg.com)
Eos is Fourth U.S. Airline To Shut Down This Month - (online.wsj.com)
Greenspan, Bush to blame for U.S. crisis - (www.reuters.com)



Other Stories:

CA Median House Prices Down 29% In March - (Mish at globaleconomicanalysis.blogspot.com)
"Financial" Crisis? - (www.atlanticfreepress.com)
Good-Bye, Cheap Oil. So Long, Suburbia? - (www.businessweek.com)
Dealers see SUV glut as drivers trade in gas guzzlers - (www.nytimes.com)
Scholar threatened for warning of housing bubble in Taipei - (au.biz.yahoo.com)
'Estate agents' offer empty houses for squat - (www.dailymail.co.uk)

Pipeline Shock: Wells Wholesale adds 3 points - immediately!!! - (www.ml-implode.com) - "Due to secondary market execution risk, Wells Fargo Wholesale Lending has implemented a new 3.00 price adjuster." We were warn...
How the mortgage industry nurtured deceit - (www.slate.com)
Privatized profits and socialized risk - (www.nytimes.com)
Prosecute the Mortgage Sharks - (www.washingtonpost.com)
I wasn't wrong in '02, just early - (www.ocregister.com)
Mr. Mortgage: Gov’t Reports Record Number of Vacant Homes - (www.ml-implode.com) - ``What does this mean? It means the ’Month’s Supply’ figures, which the press and market get so hot and bothered over each month ...
The Shrinking Pie Effect - (www.ml-implode.com)
Iowa's Largest Home Builder Implodes - (www.ml-implode.com)
Will They Call FHA A Predatory Sub Prime Lender Too? - (www.ml-implode.com)
Investors pull out of mutual funds - (www.ml-implode.com)
The Brighter Side of Housing: LOWER PRICES - (online.wsj.com)
Housing Market is Nowhere Near Bottom - (www.huffingtonpost.com)
Brookfield Net Income Declines as Property Sales Fall - (www.ml-implode.com)
U.K. House Prices Decline the Most in Three Years - (www.ml-implode.com)
Too Many Houses, Not Enough People - (www.ml-implode.com)
Prices down 20% in Bangalore, India - (business.timesonline.co.uk)
Three Reasons Why Mortgage Bailout Is a Terrible Idea - (www.homeguide123.com)
Fed rates down, Mortgage rates up - (www.seekingalpha.com)
6.5 Million Foreclosures; Is There a Behavioral Problem? - (www.seekingalpha.com)

Gold Rises as Oil Costs Jump, Signaling Inflation; Silver Gains - (www.bloomberg.com)
Fed's Bailout Is Questioned By Ex-Staffer - (online.wsj.com)
Home vacancies rise to record 2.9% in first quarter - (www.marketwatch.com)
Truckers protest high gasoline prices - (www.ap.com)
Stimulus program rebates start today - (www.latimes.com)

Amid High Oil Prices, Danger Signs in Production - (www.nytimes.com)
Muni Auction Market Shrinks by 33%, Driving Down Interest Costs - (www.bloomberg.com)
S&P Lowers CDO Assumptions, Signaling More Downgrades - (www.bloomberg.com)
OPEC president sees $200 oil possible: report - (www.reuters.com)
Credit card rates hustle higher - (www.usatoday.com)
Resales of homes a house divided - (www.signonsandiego.com)

Loan Industry Fighting Rules on Mortgages - (www.nytimes.com)
Canadian economy stalling - (money.canoe.ca)
Trichet Says Beating Inflation Is Sole Aim of ECB - (www.bloomberg.com)
Turf wars hobble China's financial markets - (www.reuters.com)
Russian Central Bank Raises Rates by Quarter Point - (www.bloomberg.com)
Brazil Oil Trapped by 500-Degree Heat, Salt Barrier - (www.bloomberg.com)
Japan's Inflation: Bad Timing - (online.wsj.com)
Panel to Look at Foreclosure Practices - (www.nytimes.com)
Global adjustment will be long and painful - (www.ft.com)
Where Every Meal Is a Sacrifice - (www.washingtonpost.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)

Monday April 14 Housing and Economic stories

Top Stories:

http://www.netcastdaily.com/broadcast/fsn2008-0412-1.ram - Idiot politician of the week: Listen to minutes 40-43 of the clip. Congresswoman in California scolding the oil executives about high prices, but tells them she doesn’t want to hear anything about drilling (even though oil is seeping off the coast near Santa Barbara), restarting an existing oil refinery in Whittier CA, or other solutions. At the same time, others in her party are blocking wind farms off the coast in MA
Wind farm initiative off Cape clears big obstacle - The Boston Globe - (www.boston.com) - Idiot politicians #2: Ted Kennedy and Mitt Romney trying to kill wind farm off Cape Cod because it would be unsightly to the Kennedy compound and would kill the sailing lanes
Jury Says Realtor Not to Blame for Purchase Price - (www.voiceofsandiego.org) - A jury sided Thursday with Carlsbad real estate broker Mike Little in a closely watched lawsuit that pitted a local couple against the agent that helped them buy a home. The couple, Vern and Marty Ummel, claimed that Little neglected to mention recent sales in their neighborhood, leading them to overpay by about $150,000 for their home in July 2005
Maryland Foreclosure Law Changes - (www.housingwire.com) - 'The legislation significantly lengthens the foreclosure process from 15 days to approximately 150 days, by requiring a lender to wait 90 days after default before filing the foreclosure action and to send a uniform Notice of Intent to Foreclose to the homeowner 45 days prior to filing an action.'
Lehman makes move to turn unsold debt to cash - (http://www.reuters.com/)
Lehman Moved to Turn Unsold Debt to Cash: WSJ - (us.rd.yahoo.com) – Sounds like Lehman, Fed, and S&P/Moodys conspiring to dump Lehman’s bad corporate debt on the Fed and US taxpayers
Mish: The Swap-O-Rama Gets Crazier - (Mish at globaleconomicanalysis.blogspot.com) – More on shameless Lehman.
Jury set to get case of unhappy Carlsbad homebuyers - (www.nctimes.com)
Fence Sitters Will Be Sorry - (www.voiceofsandiego.org) – More crap coming out of a realtor’s mouth
U.S. Consumer Confidence Index Falls to 26-Year Low - (www.bloomberg.com)
Foreclosures in Key West's Most Expensive Neighborhoods - (keywestchronicle.blogspot.com)
Fraud Leads To 286 Foreclosures - (www.10news.com)
Senate passes crappy foreclosure bill - (www.politicalgateway.com) – Helps homebuilders, lenders, mortgage brokers, but will it help anyone stay in their homes?
Tax breaks, boondoggles mar efforts to help homedebtors - (news.yahoo.com)
Senate Agrees to Mortgage Bailout for Bankers and Builders - (www.efinancedirectory.com)
Illegal workers paying chunk of Social Security taxes - (www.azcentral.com) – Biased story which doesn’t discuss people being paid under the table.
Fed Readies for a Reload - (www.independent.co.uk)
UPDATE - Banks may need to raise $140 bln more of capital: CS - (www.reuters.com)


Other Stories:

Citigroup's Market Value Drops Below Apple's Amid Credit Crisis - (www.ml-implode.com) - 'At the end of 2006, Citigroup Inc. was the fourth-largest company in the Standard & Poor's 500 Index, with a market value of $2...
Lehman CFO Says Market Recovery May Take Until 2009 - (www.ml-implode.com)
WaMu Estimates Cut by Goldman, Short Sale Recommended - (www.ml-implode.com)
Fitch Warns on Home Builders - (www.ml-implode.com)
California Mortgage Rates Still High - (www.ml-implode.com)

Housing Prices Closely Linked to Monetary Policy - (www.seekingalpha.com)
Bank will "need" to cut interest rates further - (www.telegraph.co.uk)
Failures of the Term Auction Facility - (Mish at globaleconomicanalysis.blogspot.com)
Fewer Options Open to Pay for Costs of College - (www.nytimes.com)
G-7 Signals Concern on Dollar's Slide, Weaker Growth - (www.bloomberg.com)
Our Financial Bailout Culture - (online.wsj.com)
Surprising Growth in the Trade Deficit - (www.nytimes.com)
Greenspan's media offensive glosses over shortcomings - (money.cnn.com)
The Bush Recession - (visitorfromtomorrow.com)
Victims and villains - (www.worldnetdaily.com)
GSEs: The Tail Wagging the Credit Market Dog? - (www.seekingalpha.com)
Economists: More Downside - (online.wsj.com)
Consumer confidence falls to new low - (www.ap.com)
U.S. import prices rise 2.8% in March - (www.marketwatch.com)
Watering ban means pollen-colored cars for dealers - (www.ajc.com)
Worst financial crisis since Depression, says IMF - (www.guardian.co.uk)
Foreclosure crisis hits rental market - (www.bankrate.com)
Cheapest Houses in the Bay Area - (www.ibabuzz.com)

Auction Market Shrinks by $51 Billion, With Failure Rate at 71% - (www.bloomberg.com)
U.S. credit crunch rocks student loan business - (www.ajc.com)
Revolvers trigger dangers for banks - (www.ft.com)
Prying Open Hedge Funds' Exit Door - (www.businessweek.com)
Gas, diesel hit new records - (www.chicagotribune.com)

GE Says Profit Fell, Citing Finance; Forecast Reduced - (www.bloomberg.com)
As Housing Boomed, Moody's Opened Up - (online.wsj.com)
How Lehman Opened the Fed's Spigot - (online.wsj.com)
GE's Results Pull Plug on Wall Street - (online.wsj.com)
Retailers report weakest March in 13 years - (www.latimes.com)
Linens 'n Things bankruptcy may come Tuesday: report - (www.reuters.com)
Exclusive Lines May Prove Risky In Cool Economy - (online.wsj.com)
Linens 'n Things Files for Bankruptcy - (www.thestreet.com)
Frontier Airlines Files for Bankruptcy Protection - (www.bloomberg.com)
Airline investors find they're always losing altitude - (www.chron.com)
Freightliner to lay off 1,500 in N.C. - (portland.bizjournals.com)

Philippines Caught in Rice Squeeze - (www.washingtonpost.com)
Dearer imports drive up UK prices - (www.ft.com)
Wage settlements suggest impact of inflation - (www.ft.com)
Saudis to phase out wheat production - (www.ft.com)
Nations in secret deals over grain supplies - (www.ft.com)
India Ends Export Incentives for Rice, Steel to Tame Inflation - (www.bloomberg.com)

Friday April 11 Housing and Economic stories

Top Stories:

Senate Passes Bill with Builder Tax Breaks - (www.ml-implode.com) - 'At a cost of $15 billion over 10 years, the Senate bill would give a $6 billion tax break to home builders by temporarily exten...
Lucrative Grim Repo Man - (clubs.ccsu.edu) – Entrepreneur takes foreclosure hunters on bus tours
Lehman Brothers Says It Liquidated Three Investment Funds - (www.bloomberg.com)
Jefferson County AL Close to Bankruptcy - Meets With Fed - (www.bloomberg.com)
Wall Street Banks May Cut 35% of Jobs - (www.bloomberg.com)
Auction Failures Force Students to Lose College Funds - (www.bloomberg.com)
Jefferson County Advisers Meet U.S. Officials as Crisis Looms - (www.bloomberg.com)
Americans with mortgages exceeding value of homes unlikely to be helped by Bush refinance plan - (www.signonsandiego.com)
Another Flavor of Bonds Threatens to Turn Sour: Mark Gilbert - (www.bloomberg.com)
GMAC's Bank Unit Has a Problem - (online.wsj.com)
Hedge Funds Make It Hard To Say Goodbye - (online.wsj.com) – Was it such a great deal to be in a hedge fund when they prevent you from withdrawing your money?
Slowdown Deals A Bad Hand to Las Vegas Casinos - (online.wsj.com)
The REO Life: Vandalism - (www.youtube.com)
Opposition to Proposed Houseowner Bailout Growing - (www.npr.org)
House committee backs additional theft of renter taxes - (www.reuters.com)


Other Stories:

White House Presents Plan To Aid Subprime Borrowers - (www.ml-implode.com) - 'The proposal was quickly criticized by consumer groups, who said it would do little to slow a mortgage meltdown that last year ...
Phoenix Foreclosures: If Not A Crisis, Pretty Close To It - (www.ml-implode.com) - "Home inventories are continuing to rise and prices are declining, so there is still some more time before the Phoenix area mark...
Scam Spam Flyer from FHA "Downpayment Assistance Firm" - (www.ml-implode.com) - We received this lovely mailer as spam to our inbox today. It quite nicely demonstrates and proves that down-payment assistance...
We only thought we were getting wealthier - (www.ml-implode.com)
Failures of the Term Auction Facility - (www.ml-implode.com)
Trouble in the Cockroach Hotels - (www.ml-implode.com)
Stress Returns to Interbank Lending - (www.ml-implode.com)
Lust helped drive the housing bust, but mass amnesia also factored - (www.ml-implode.com)

Fed Prepares for More Bank Failures In Wake of Housing Collapse - (www.marketoracle.co.uk)
Denver house prices continue to plummet - (denverpost.com)
Housing-market joy spread to England - (www.economist.com)
Lenders Giving Underwater Borrowers Cash for Keys - (www.homeguide123.com)
Drop in house values brings dip in property taxes - (www.modbee.com)

Ron Paul Questions General Petraeus Yesterday [Video] - (www.dailypaul.com)
Fed fears deep recession - (www.thestar.com)
The Fed Is Terrified - (Mish at globaleconomicanalysis.blogspot.com)
Fed mulls options in easing credit crunch - (www.financialnews-us.com)
Volker: Is the Fed's Bear Stearns Loan Legal? - (www.bloomberg.com)
Interactive Foreclosure Map of Denver - 11,000 More Foreclosures Expected This Year - (www.usatoday.com)
Americans: Can't Get Ahead, Hard to Keep Up - (www.washingtonpost.com)
US Trade Deficit Unexpectedly Widens - (www.bloomberg.com)
Iceland Raises Benchmark Rates to 15.5% - (www.bloomberg.com)
Treasury Notes Fall as U.S. Stocks Advance, After Fed Auction - (www.bloomberg.com)
Crude Oil Falls on Signs Record Prices Will Curb U.S. Demand - (www.bloomberg.com)
Diesel price fuels US truckers’ anger - (www.ft.com)

Real Estate: A Capital Trap for National Savings - (Charles Hugh Smith)
Bob's tips on renting safely during the next few years - (www.politicalgateway.com)
Ambac, MBIA Finally Get the Rating They Deserve - (www.seekingalpha.com)
35 signs the market hasn't hit bottom - (www.marketwatch.com)
U.S. Trade Deficit Unexpectedly Widened on Imports - (www.bloomberg.com)
Inflation Is Set to Reach Decade High - (online.wsj.com)
IMF sees U.S. falling into recession - (www.chicagotribune.com)
U.S. office vacancies up as leasing ebbs - (www.latimes.com)
Volcker, ex-Fed chairman, chides Bernanke - (www.iht.com)
Fed Bashed, ECB Spared in Finger-Pointing Match - (www.cnbc.com)

Housing Bust Offers Insights - (online.wsj.com)
The Bank-Loan Haircut - (online.wsj.com)
'B-Pieces' Wield Their CMBS Clout - (online.wsj.com)
Asian currencies rise as recession fears hit dollar - (news.yahoo.com/s/afp)
Having lost fortunes, banks such as UBS have to raise money - (www.economist.com)
Soros Says Credit Crisis Will Worsen Before Improving - (www.bloomberg.com)
Are you upside down in your home? - (www.ocregister.com)
Painful shake-out seen for Asian hedge funds - (www.reuters.com)
Volatile Waters Tossed Around Hedge Funds - (online.wsj.com)
New Delays Loom as F.A.A. Expands Airliner Review - (www.nytimes.com)
Slowdown Deals A Bad Hand to Las Vegas Casinos - (online.wsj.com)
Fuel Costs Just Part of Airlines’ List of Woes - (www.nytimes.com)

Bank of England cuts key rate by quarter point - (www.marketwatch.com)
World inflation fuelled by surge in farm, energy prices - (news.yahoo.com/s/afp)
Iceland Raises Benchmark Interest Rate to 15.5% - (www.bloomberg.com)
Australia aims regulatory fire at hedge funds - (www.ft.com)
A New Poll Finds Americans Feeling a Lot More Squeezed - (www.washingtonpost.com)
What We've Learned From the Market Mess - (online.wsj.com)