Monday August 11 Housing and Economic stories

Top Stories:

Could Your Bank Fail? (lewrockwell.com) When the FDIC becomes insolvent, now what? So what happens if nearly every bank in America is calling on the Federal Deposit Insurance Company (FDIC) to bail them out at the same time? The FDIC, which insures your bank deposits, sees the handwriting on the wall. It doesn’t have enough funds ($52.8 billion) in reserve to cover trillions of dollars in bank deposits. According to Wikipedia, as of June 2008 the FDIC insures 8471 banking institutions with total deposits of $8.575 trillion (March 31, 2008 deposit figures). The IndyMac bank failure will swallow up $4–8 billion of the FDIC's treasure chest and there are 300 other banks at risk of failure that represent another $26.8 billion of deposits the FDIC has to ensure. The failure of a large bank, like WAMU ($160 billion in deposits, with only $15 billion in cash reserves), would totally deplete the FDIC insurance fund by itself. Sheila Bair, FDIC chairwoman, trying to head off an unprecedented banking disaster, is calling for banks to take all homes covered in ARMS right now and freeze the rates/and or convert them to a fixed rate product.

What Banks And The Government Are Not Telling Us About 2009—The Next Shoes You Hear Drop May Be Very Loud Ones - (www.cuttingedgenews.com) Many people are still living in houses twelve months after making their last mortgage payment. Their banks have not started foreclosure proceedings. Is this due to incompetence by the banks, or is this a way to avoid writing off the loss? The Financial Accounting Standards Board (FASB), the little-known national agency responsible for establishing standards of financial accounting and reporting, has seemingly joined the cover-up by delaying the implementation of new rules that would have made banks stop hiding toxic waste off their balance sheets. New rules would have made banks put these questionable assets on their balance sheet and require a bigger capital cushion. Is anyone surprised that bank regulators, the Treasury and Federal Reserve urged a delay in implementation of new FASB rules. They can manipulate the facts because the average American doesn’t understand or care.
Is an FDIC Bailout in Our Future? So far, seven banks have failed in 2008, the largest being IndyMac. The FDIC has about $53 billion in funds to handle future bank failures. The IndyMac failure is expected to use $4 to $8 billion of those funds. Average Americans will lose $500 million in uninsured deposits in this failure. The FDIC says that they have 90 banks on their "watch list." They do not reveal the banks on the list, so little old ladies with their life savings in local banks will be surprised when they go belly up. Based on the fact that IndyMac was not on their "watch list." I wouldn’t put too much faith in their analysis. Some 8,500 banks operate in the U.S. Based on an independent analysis by Chris Whalen from Institutional Risk Analytics, 8 percent of all banks, or around 700 banks have been identified as "troubled." This is quite a divergence from the FDIC estimate. Should you believe a governmental agency that wants the public to remain in the dark to avoid bank runs, or an independent analysis based upon balance sheet analysis? The implications of 700 institutions failing are huge. U.S. banks hold roughly $6.84 trillion in bank deposits. Almost $2.6 trillion of these deposits are uninsured. There is only $274 billion of the $6.84 trillion as cash on hand at banks. This means that $6.5 trillion has been loaned to consumers, businesses, developers, etc. The FDIC has $53 billion to cover $6.84 trillion of deposits. Does that give you a warm feeling?

Fannie Mae admits it may need fresh capital - (www.belfasttelegraph.co.uk) The possibility of a US government takeover of Fannie Mae, the mortgage finance giant, moved a step closer yesterday after the company said it may not have enough capital to make it through next year. The company plunged to a larger-than-expected $2.3bn loss in the three months to the end of June, as American homeowners defaulted on their mortgages in record numbers. Fannie and its fellow mortgage backer Freddie Mac together own or guarantee about half of all outstanding US mortgages, worth a total of $5.2 trillion, but a collapse in house prices has wiped billions from the value of the underlying collateral. Fannie yesterday said it would open offices in Florida and California, two of the worst affected areas, because it had taken over so many foreclosed homes in these areas.

How the U.S. Government Has Mismanaged the Country - (mish at globaleconomicanalysis.blogspot.com) The U.S. Government has brutally mismanaged the country. Sadly neither candidate is willing to take a stand on fiscal prudence. I asked Senator to Obama to take a stand, and to pick someone fiscally prudent as his Vice President in in my Open Letter To Obama. I cannot support Obama because the policies he espouses are more fiscally reckless ever day. Nor can I support McCain, for many reasons: The war, abortion, military spending, and for that matter, spending in general. If I had to choose one of the two I would vote for Obama because he is going to waste money in the US where we will at least get something out of it, instead of ramping up a war machine where we get nothing out of it.

Rebuilding America's Decaying Infrastructure - (mish at globaleconomicanalysis.blogspot.com) To fix our infrastructure, from dilapidated levees to congested roadways and ports, the American Society of Civil Engineers (ASCE) has estimated that the country needs to spend $1.6 trillion over five years. Only $1 trillion of that, the organization says, has been allocated or promised. Accepting those numbers, we need an additional $600 billion to reverse the slide of infrastructure, a figure that seems as difficult to produce as it is to comprehend. Or is it? Spread over five years, ASCE is calling for $120 billion per year. The economic stimulus package signed into law in February is sending $168 billion out to individuals to spend, in a best-case scenario, on new TVs and restaurant meals. That money could have bought a lot of concrete. While more funds are needed, how they’re spent is equally important. New information technology, fresh engineering and advanced materials can help us not just restore, but improve our infrastructure in the coming century. Planned and managed properly, next-gen projects can be smarter and more resilient than what came before. Engineers and construction workers know how to get the job done. But first, we must gather the national will.

8 who saw the crisis coming... and 8 who didn't (money.cnn.com) Of course, the majority of the financial media should put themselves as one of the top 5 groups/individuals that did not see the crisis coming. One year after the credit crunch began, Fortune looks back at who saw trouble ahead, and who just ended up in trouble.

Fannie Mae, Battling Losses, to End Alt-A Mortgages - (www.bloomberg.com) Fannie won't accept new Alt-A loans after Dec. 31, according to a statement today. The mortgages, which make up about 11 percent of the $3 trillion financed by the Washington-based company, accounted for almost half of second-quarter credit losses, Chief Financial Officer Stephen Swad said today on a conference call. Earlier this week, Fannie said it will double the ``adverse market delivery charge'' it introduced in March for all mortgages that it helps finance, to 0.50 percentage point on Oct. 1. The company also boosted fees on other loans. The increase in mortgage rates on Fannie loans from those adjustments will range between 0.06 percentage point and 0.18 percentage point, according to Barclays Capital.


Other Stories:

How Canada stole the American Dream - (www.macleans.ca) The numbers are in. Compared to the U.S., Canadians work less, live longer, enjoy better health and have more sex. And get this: now we're wealthier too.
Prices stabilize last, after sales volumes and foreclosures - (news.yahoo.com)
Don't Just Do Something, Stand There - (www.seekingalpha.com)
Banks tightening their credit standards - (money.cnn.com)
Mortgage Rates Creeping Up, Crimping Affordability - (www.nytimes.com)
Update: Is Downey Savings & Loan Operating Under an OTS "Memo of Understanding"? - (www.ml-implode.com) - After seeing this section from Downey Savings and Loan's 10-Q filing today for the second quarter of 2008, we have to wonder...
Fannie Mae, Freddie Mac Preferred Stock Cut by S&P - (www.ml-implode.com) - "Standard & Poor's cut the preferred stock and subordinated debt ratings of Fannie Mae and Freddie Mac, the two largest U.S. mor...
Google Maps StreetView House on Fire - (www.ml-implode.com) - "Go to Google Maps, and search for "Eagle Point Drive, Ark" then head south on Eagle Point Drive. (You can even see the fire tru...
Which way next for short-term rates? - (www.ml-implode.com) - "All the talk earlier this year about TIPS Show Inflation Expectations at Lowest Level in Five Years - (www.bloomberg.com)
Mortgage Fraud Giants to Buy Fewer Risky Loans - (www.nytimes.com)
Paulson Says No Plans to Add Cash to Fannie, Freddie - (www.bloomberg.com)
Fannie and Freddie defeated responsible lending laws - (www.newsweek.com)
Economists Try To Find Right Price For A House - (www.nytimes.com)
Did lender to the desperate cheat his investors? - (www.ocregister.com)
Real estate brokers settle Calif. kickbacks suit - (www.sfgate.com)
Subprime Blues : Lyin' on the Docs 'bout My Pay - (www.youtube.com)

the Federal Reserve raising interest rates in the second half has proven to be just that -...
"Informal" SEC Probe of Nat'l City About First Franklin Financial Corp. - (www.ml-implode.com)
Thought Process of Many in Foreclosure. - (www.ml-implode.com)
ALT A is Broken? Really? - (www.ml-implode.com)
Stockton CA is Foreclosure Town, USA - (www.guardian.co.uk)
America's Most In-Debt Households - (finance.yahoo.com)
California Tax Board Forcing You To Pay Speculators' Taxes - (patrick.net)
Why bother with Oakland? To escape the cube! - (www.nothingugly.com)
I.O.U.S.A.: The Movie - (www.iousathemovie.com)
Lost US sovereignity - (www.nypost.com)
Bringing Down Bear Began as $1.7 Million of Unsuspected Options - (www.ml-implode.com)
Unable to sell homes, split-up spouses stay put, postpone divorce - (www.ml-implode.com)
This credit crisis is like the plague and nobody is safe yet - (www.ml-implode.com)
Should unelected officials choose who benefits from taxpayers’ money? - (www.ml-implode.com)


Federal Reserve finds deepening credit crisis - (www.washingtonpost.com)
Fed Says Banks Toughen Standards for All Loan Types - (www.bloomberg.com)
Are central banks getting it all wrong? - (www.financialweek.com)
CA: State budget impasse looks poised to worsen - (www.stateline.org)
Exporting our addictions - (www.chron.com)
Students Face Hit As Private Lending Dries Up - (online.wsj.com)
Economic Slump in U.S. to Worsen as Consumers Get `Squeezed' - (www.bloomberg.com)
Business-school applications pick up as the economy slows - (www.cfo.com)
Mission creep at the Fed - (www.economist.com)
Fed has bias toward slower growth - (www.nypost.com)

Fannie sinks on downgrade - (money.cnn.com)
UPS in talks to buy Europe's TNT for $15 billion - (www.ajc.com)
Bank bosses and big losses - (www.economist.com)
Broadband Internet growth plummets in 2Q - (www.azcentral.com)
Fannie's capital to remain under pressure: analyst - (www.reuters.com)
Uncorking a new asset class with investment-grade wines - (www.financialweek.com)
Heat from car exhaust could improve mileage - (www.cnet.com)
Greenspan's `Age of Froth' Is Over for Decade: John F. Wasik - (www.bloomberg.com)
Monterey desalination plant approved - (www.stateline.org)

China shares plunge 5.21 percent - (news.yahoo.com/s/afp)
Georgia War Sours Investor Mood In Russia - (www.forbes.com)
Mortgage-Market Trouble Reaches Big Credit Unions - (online.wsj.com)
At last, compensation consultants get the pink slip - (www.financialweek.com)
Financial Giants Suffer ARS Freezer Burn - (www.cfo.com)
Getting Ready to Reveal Credit-Swap Risks - (www.cfo.com)
Auction-Rate Probe Expanded - (www.thestreet.com)
How did this happen? - (www.economist.com)
Credit Unions Report Big Mortgage-Related Losses, Report Says - (www.nytimes.com)
Wave of subprime suits could boost cost of D&O - (www.financialweek.com)
More banks are tightening lending standards - (www.ap.com)
Asset-Backed Bond Sales Drop to Lowest in Decade, Deutsche Says - (www.bloomberg.com)
FDIC Fund Strained by Bank Failures May Have to Raise Premiums - (www.bloomberg.com)

Thursday May 15 Housing and Economic stories

Top Stories:

How does State of California deal with $20B deficit? Of course, by borrowing against future lottery profits. Again, the politicians in CA are bankrupting the future so they can get re-elected in the present.
Guv Defends Lottery Plan - (www.sfgate.com) – Obviously, the steroids have shrunken the gov’s cohones as he obviously has none. He has given in to all the special interest groups. Schwarzenegger says using future lottery profits to pay off the $15B deficit is necessary because cuts alone will not balance the budget.
Vallejo Schools Feel The Pain - (www.sfgate.com) – Feel free to blame your city unions (fire department and police department) as they are sucking up 75% of the city budget. City's decision to declare bankruptcy has adversely affected the district, which is a separate governmental entity.
Congress Votes to Stop Stockpiling Oil - (www.nytimes.com) – Yes, both republicans and democrats are buying votes for this fall, even though everyone agrees it will do little except reduce prices by a few pennies. This is not a long-term solution to the underlying problem.
House OKs $290B Farm Bill – (www.sfgate.com). More vote buying by our cohones-less politicians. Veto-proof legislation includes an unprecedented $3 billion to support California fruit and vegetables.
As Condo Dues Dry Up, The Neighbors Pay - (online.wsj.com) – Good reason why you shouldn’t own a condo or townhouse in this market. Even if you are financially stable, you never know about your neighbors. The association at Monaco Place, a community of single-family homes and condominiums in Denver, is short $250,000 of its $9.3 million annual operating budget. It can't pay for needed roof and siding repairs to homes. Potholes in the streets haven't been filled in order to save money to keep electricity running in common areas, says Dee Tyler, CEO of Colorado Association Services, which manages the association. Monaco Place was already suffering from a high rate of foreclosures before the credit crunch hit. In the past three years, about a third of its 193 units have been foreclosed on.
1,000 Foreclosure auctions per day in California - (latimesblogs.latimes.com) - California's foreclosure crisis passed another ominous milestone in April, when more than 1,000 foreclosed homes were auctioned off every weekday at courthouses across the state, the auction tracking firm ForeclosureRadar reported today. The April total of foreclosure sales at auction -- 22,838 for the state -- represents a jump of 44% over March totals and the highest level ever in California, ForeclosureRadar reports
Deflating house prices leave little equity to borrow against - (biz.yahoo.com) – What a concept, people will actually have to save money for the purchases.
FHA Chief Criticizes Bailout Plan - (www.usnews.com) - As one colleague described it, it is "on steroids" because it throws sound underwriting out the window. It moves us toward a federalization of the mortgage market, forces taxpayers to pay for bad loans, and doubles FHA's portfolio, adding hundreds of thousands of risky loans in a Byzantine process that will take years to sort out and create a regulatory nightmare.
Get ready for more bank failures - (money.cnn.com)
Lawsuit targets mortgage brokers - (www.lvrj.com) - An attorney representing a homeowner has filed the first local lawsuit in what could be a wave of litigation targeting mortgage companies and other real estate professionals.
Robert Cottle, a partner in the Las Vegas law firm Mainor Eglet Cottle, filed the lawsuit May 1 in Clark County District Court on behalf of homeowner Brad Cohen, who refinanced his southeast Las Vegas home with an adjustable-rate mortgage in 2005 and can no longer afford his monthly housing payment. In the lawsuit, Cohen accuses eight defendants of fraud, negligence, breach of fiduciary duty, negligent misrepresentation, intentional misrepresentation, and breach of covenant good faith and fair dealing. Named in the lawsuit are Countrywide Financial Corp.; Countrywide Home Loans; HSBC Mortgage Corp.; Direct Equity Mortgage Corp.; Alex Burke, an employee of Direct Equity Mortgage; Countrywide Tax Service; Rob's Tax Service; and National Title Co.
Honest Appraisal Regulations Opposed - (www.latimes.com) - Who's not happy? Major financial and banking trade groups, for starters. In a joint letter, eight groups, including the American Bankers Assn., Mortgage Bankers Assn. and the Consumer Mortgage Coalition, called the whole idea "bad policy" and demanded that Fannie's and Freddie's federal regulator withdraw its support for the agreement, effectively killing it.
The Latest Twist in Student Loans - (www.businessweek.com)
Brunswick cites economy in decision to close boat factory - (www.chicagotribune.com) - Because its big-ticket pleasure boats are a "discretionary' purchase which consumers can easily defer, Brunswick's results are sensitive to the economy's cycle. "The U.S. marine industry has been in a prolonged slowdown since late 2005," noted Chairman and Chief Executive Officer Dustan McCoy.


Other Stories:

Latest CA Foreclosures Stats - (mrmortgage.ml-implode.com)
Libor Credibility Doubted; Real Interest Rates Much Higher - (www.bloomberg.com)
What Will Happen to Your Money When Your Bank Fails - (www.homeguide123.com)
Ron Paul on the Housing Bubble - (www.pressmediawire.com)
Housing Bailout Backlash - (Mish)
Call Senator Shelby - (patrick.net)
Incomes predict 40% further decline in San Diego - (www.californiahousingforecast.com)
Foreclosures looming for the Hamptons' poshest pads - (www.nypost.com)
The Housing Bust: Worst yet to Come - (Charles Hugh Smith at www.oftwominds.com)
NAR's Lawrence Yun Continues to Lie - (www.seekingalpha.com)
The cheaper housing option in Bangalore, India - (bangalore.craigslist.co.in)
About exponential growth - (www.chrismartenson.com)

Volcker Warns of Precedent Set by Fed Moves - (online.wsj.com)
Volcker Says Fed Interventions Risk Political Battles - (www.bloomberg.com)
Condo Life: Foreclosures, Higher Fees and Mowing the Lawn - (www.nytimes.com)
Most Americans don't expect the economy to improve soon, poll finds - (www.latimes.com)
Consumer Credit Crisis Showing up in the Cards - (www.nypost.com)
Survey: 1 in 10 boomers borrowing for everyday expenses - (www.ajc.com)
Opposition Builds to $300 Billion Government Mortgage Bail Out - (www.forbes.com)
State foreclosure sales hit record high - (www.mercurynews.com)
Away from the Strip, Vegas land values plunge - (www.lvbusinesspress.com)

Banks turned markets into "monster": German president - (www.reuters.com)
Home prices fall across the country in first quarter - (www.latimes.com)
FBI warns of escalating mortgage fraud - (www.usatoday.com)

Bank analyst pans Citi turn around plan - (www.nypost.com)
Freddie Mac Posts Loss, Plans to Raise $5.5 Billion - (www.bloomberg.com)
Toll Brothers preliminary 2Q sales fall 30 percent - (www.chicagotribune.com)
GM May Look to Raise Additional Cash - (online.wsj.com)
More Companies Sell Off Assets - (online.wsj.com)
Fannie and Freddie capital alert - (www.ft.com)
Deere 2Q profit rises, but warns of cost trouble ahead - (www.forbes.com)
Fewer fliers for summer, packed planes persist - (www.azcentral.com)
UK inflation woe 'set to worsen' - (news.bbc.co.uk)
Economic woes begin to hit UK jobs - (www.ft.com)

The great asset price controversy - (www.ft.com)
The Water-Industrial Complex - (www.forbes.com)

Wednesday April 23 Housing and Economic stories

Top Stories:

Starting over at 40 because of a foolish house purchase - (money.cnn.com) – Similar to Pip in Great Expectations starting, this story profiles 10-20 people who are starting over in their 30s and 40s.
The End of Shopping - (www.newsweek.com) - At the end of 2007, household borrowing was a dizzying $14 trillion.For the past quarter century, Americans have gone on an unprecedented consumption binge—for cars, TVs, longer vacations and just about anything. The consequences have been profound for both the United States and the rest of the world, and the passage to something different and unknown may not be an improvement.
Arson to avoid foreclosure? - (www.latimes.com)
Regulator fears wave of bank failures - (www.ft.com) US bank failures could rise above “historical norms” as a weakening economy puts pressure on badly underwritten loans, particularly in commercial real estate, according to a bank regulator - 23:52
The new underground currency - (www.startribune.com) - Thieves are ransacking house after house in search of copper they can sell to scrap dealers for as much as $20,000 a month.
Condos with absolutely zero value - (seekingalpha.com) - AIG, Fannie and Freddie Put the Crunch on Condo Mortgages. imagine a world where condos (outside of NYC, Boston, Chicago and LA) have absolutely no value. They are simply transferred between “owners” for the assumption of operating expenses. Don’t laugh. Operating expenses and taxes, without even considering a mortgage, can easily run over $3000 a month for a nice 2 bedroom/2 bath in southeast Florida. Few retirees could swing this. I do not know how real estate taxes would be calculated, but I would not doubt government’s creativity in collecting revenue.
California foreclosure "surge": Up 327% from '07 levels - (www.ml-implode.com) - "Sinking home values and the collapse of flimsy mortgages sent a record number of California homes into the foreclosure process ...
Housing slump may exceed Depression - (www.ml-implode.com) - ''An influential economist who long predicted the housing market bubble cautioned Tuesday that the slump in the U.S. housing mar...
Condo buyers had a lot to beware of - (www.floridatoday.com)
Oil nears $120 as market tightens - (www.ft.com) - Opec attempts to reassure on supplies
Call Goes Out to Rein In Grain Speculators - (online.wsj.com)
Lenders derail plan to let bankruptcy judges modify mortgages - (www.latimes.com) – Thank god someone derailed this idiotic law, even if it is the lenders. If we change 200 years of contract law in this country, we are all in trouble.
Shanghai down over 50% from peak - (www.ft.com) – Yes, I would call this a stealth crash.
Duesseldorfer Hypo Rescued by Bank Group After Crisis - (www.bloomberg.com)


Other Stories:

Less leverage means smaller deals - (www.financialweek.com)
Renters can't escape housing foreclosure crisis - (www.ml-implode.com) - ''The most brutal real estate slump in decades is reverberating through the rental market. Renters in properties that are being ...
Too many people own houses - (www.tnr.com)
The Houseownership Ideologues - (www.truthout.org)
Government deaf to simple plea: less debt! - (patrick.net)
Falling San Diego house prices are a great thing - (www.signonsandiego.com)
Florida luxury house market shows signs of wear - (www.reuters.com)
Foreclosure Group Says Servicing Efforts Still Fall Short - (www.ml-implode.com) - The group noted that at-risk borrowers are receiving more help than in the past, but most are still not on track for any meanin...
If Lawrence Yun wanted to be more helpful... - (www.ml-implode.com) - ''NAR chief economist Lawrence Yun spun Greenspamisims not the truth of the facts
BofA, Countrywide to Curtail Risky Mortgage Lending - (www.ml-implode.com)
Black Swan song - (www.ml-implode.com)
Option ARM Specialist Downey Financial Loses $248 Million in Q1 - (www.ml-implode.com)
Most Home-Equity Line Delinquencies Keep Rising - (www.ml-implode.com)
SF Bay Area prices continue to fall - (eastbayhousingbubble.blogspot.com)
Graphs of CA Prices Crashing - (patrick.net)
What Ails American Economy? Everything, and Worse to Come - (www.nytimes.com)
The market's worst is yet to come - (articles.moneycentral.msn.com)
It’s Not What You Take, But How You Take It - (www.ml-implode.com)
The Ponzi Smokin’ Gun - (www.ml-implode.com)
The Credit Crunch is Dead! Long Live the Credit Crunch! - (www.ml-implode.com)
The Trillion Dollar Bailout - (www.ml-implode.com)
Concerns rising that Fannie and Freddie could need bailout - (money.cnn.com)
Quelle Surprise! National Association of Realtors Says Many Housing Markets Doing Well - (www.ml-implode.com)

Crude Oil Reaches All-Time High Above $119 on Record Euro - (www.bloomberg.com)
U.S. Stocks Retreat on Earnings Concern, Record Oil Prices - (www.bloomberg.com)
Euro Surpasses $1.60 for First Time on ECB's Inflation Outlook - (www.bloomberg.com)
U.S. Existing Home Sales Fell in March; Prices Lower - (www.bloomberg.com)
Corporate earnings about to take a tumble - (www.financialweek.com)
California foreclosure "surge": Up 327% from '07 levels - (www.latimes.com)
California's Home-Mortgage Defaults More Than Double - (www.bloomberg.com)
Arts institutions feeling impact of ailing economy - (www.azcentral.com)
With gas hitting record highs, drivers feeling squeezed - (www.ap.com)
Renters can't escape housing foreclosure crisis - (www.usatoday.com)

Loan Losses Pose Threat to Banks - (online.wsj.com)
Why stocks go up when they shouldn't - (www.nypost.com)
So Far, So Good on Bailouts, but How Long Will They Last? - (online.wsj.com)
Prices slashed on Chrysler loan sales - (www.ft.com)
Most Troubled Mortgage Borrowers Without Plan, Report Finds - (www.washingtonpost.com)
Rise in secret stock trading - (www.financialweek.com)

Florida luxury home market shows signs of wear - (www.signonsandiego.com)
New rules propose added scrutiny for sovereign wealth fund transactions - (www.financialweek.com)
Saudis warn on oil capacity - (www.ft.com)
Art market shrugs off credit crunch - (www.ft.com)
Gannett profit declines 9% on weaker ad sales - (www.marketwatch.com)
National City Follows Wachovia, WaMu, Taps `Abundance' of Cash - (www.bloomberg.com)
Fannie Mae, Freddie Mac Warned on Accounting - (www.washingtonpost.com)
SunTrust Quarterly Profit Falls 45% on Provisions for Bad Loans - (www.bloomberg.com)
Bank of America to alter loan practices - (www.chicagotribune.com)
RBS to Sell $24 Billion in Shares After Markdowns - (www.bloomberg.com)
Triple-A Failure - (www.nytimes.com)
The new face of hunger - (www.economist.com)