Monday June 23 Housing and Economic stories

Top Stories:

BofA, Perhaps Countrywide Wrote Dodd-Shelby Bailout - (www.ml-implode.com) - The National Review Online has obtained an internal 61 page document on Bank of America letterhead dated March 11th that matches the Dodd-Shelby Bill almost identically. First, we find out that Dodd is a Countrywide "insider" but is so ignorant he didn't read his loan papers to know he got a "deal." Now, we find out that BofA, who is supposed to be closing on their Countrywide purchase in the next few months, wrote the Bill for him. If this Bill passes, BofA's Countrywide buyout is much more palatable and the $60+ billion in toxic loans are mostly covered.
White House threatens to veto secret bank bailout - (www.usatoday.com)
Vin Baker -- Foreclosure on Former NBA Star's Mansion - (www.ml-implode.com) - In this latest installment of "Celebrity Foreclosures" we hear of former NBA star Vin Baker's ongoing financial woes.
Banks Trimming Limits for Many on Credit Cards - (www.nytimes.com) - After fostering the explosive growth of consumer debt in recent years, financial companies are reducing the credit limits on cards held by millions of Americans, often without warning.
Banks that issue cards like Visa and MasterCard, as well as the American Express Company, are cutting the limits for customers who have run up big debts, live in areas that have been hit hard by the housing crisis or work for themselves in troubled industries.
Ford and GM financial arms may incur writedowns: Lehman - (www.reuters.com) Ford Motor Co's (F.N: Quote, Profile, Research, Stock Buzz) and General Motors Corp's (GM.N: Quote, Profile, Research, Stock Buzz) financial arms may need to write down $1.1 billion and $1.5 billion, respectively, said a Lehman Brothers analyst, who expects U.S. auto credit to be pressured by a weakening used-car market.
MBIA Says It May Be Forced to Make $7.4 Billion in Payments - (www.bloomberg.com)
Economy has some states tangled in 'dire' financial snares - (www.usatoday.com) The nation's weak economy has landed some big states in a desperate struggle to balance their budgets before July 1 when their new fiscal years begin.
Arizona, California, New Jersey, Nevada and Pennsylvania are among states that must slash spending or raise taxes to straighten out their finances. Nevada Gov. Jim Gibbons, a Republican, plans to call a special session of the Legislature next week to find a last-minute solution to a budget shortfall approaching $1 billion. California is outspending revenue by $1 billion a month yet is nowhere near settling on a budget due in 10 days. Republican Gov. Arnold Schwarzenegger and the Democratic Legislature are far apart on what to do.
White House veto threat to housing law - (www.ft.com) The White House said it approved of certain provisions, such as a plan to create a new, stricter regulator for Fannie Mae (NYSE:FNM) and Freddie Mac, the government-sponsored mortgage companies.
But it was opposed to other elements such as a $4bn allowance for local governments to buy foreclosed properties and the diversion of funds from Fannie Mae and Freddie Mac to pay for up to $300bn in guarantees for mortgages refinanced to reflect lower home values.
Evergreen Liquidating Ultra-Short Fund After 18% Drop - (www.ml-implode.com) Evergreen Investments, the money- management unit of Wachovia Corp., plans to liquidate a $403 million fund with almost three quarters of its assets in mortgage-backed securities after it fell 18 percent this month."
FBI holds 406 for mortgage fraud - (news.bbc.co.uk)
But only 2 charged on Wall Street. Funny... - (biz.yahoo.com)
Fallout From Bad Loans Rocks Regional Banks - (www.nytimes.com)


Other Stories:

Renters sitting prettier amid house-market upheaval - (www.latimes.com)
Hundreds swept up in mortgage fraud arrests - (biz.yahoo.com)
Ex-Bear Stearns Managers Arrested on Fraud Charges - (www.nysun.com)
Banks Closed Till Further Notice - (Mike Morgan at realestateandhousing2.blogspot.com)

Big Oil's Iraq Payoff: Exxon Mobil, Shell, Total and BP � the original partners in the Iraq Petroleum Company � are in talks for no-bid contracts to service Iraq's largest fields - (www.nytimes.com)
FISA Bill Eviscerates the Fourth Amendment - (www.rawstory.com)
Senate Housing Bill Requires eBay, Amazon, Google, and All Credit Card Companies to Report Transactions to the Government - (www.freedomworks.org)
Midwest Flooding will Inflate Grocery Bills Across the Board - (www.desmoinesregister.com)
Rising mortgage rates add to housing woes - (news.yahoo.com)
Median house price in California drops 30% in May - (www.latimes.com)
SF Bay Area house prices fall by 22% - (www.dailynews.com)
Ex Bear Stearns Managers Indicted for Fraud - (www.bloomberg.com)
Central Bank Has Lost Control of Credit Crisis - (www.dailyreckoning.com.au)
Wealthy Investors Shift Funds From Global Banks to Reduce Risks - (bloomberg.com)
Economist slams government targets on house ownership - (www.building.co.uk)
Killing the Comps - (www.viewfromsiliconvalley.com)
D.C. Region's Foreclosure Rate Soars - (www.washingtonpost.com)

S&P Slashes BofA to a Sell - Thanks Countrywide! - (www.ml-implode.com) - S&P slashes BofA to a sell reducing their price target to $24. They cite “worries over the mortgage portfolio the bank will inhe...
Foreclosure Tour Hits Manhattan - (www.ml-implode.com) - Foreclosure Hits Everywhere- a video
Zero Down, Zero Closing– Restrictions - (www.ml-implode.com) - " "I can’t believe these zero down, zero closing things are still around",Like some of those cheap airline fares however, this p...
Rescap Update: Consolidation/Layoffs at Homecomings - (www.ml-implode.com)
Fremont Files BK to Facilitate Acquisition by CapitalSource - (uk.reuters.com) Fremont General Corp FMNT.PK, a U.S. financial services holding company, said on Wednesday it had filed for bankruptcy protection in order to facilitate the sale of assets of its thrift unit. What remains of Freemont Investment & Loan will become CapitalSource Bank
Commercial Real Estate Bust - (www.ml-implode.com)
Chris Thornberg: Possible 50% House Price Declines in SoCal - (www.ml-implode.com)
Fed's tough inflation talk hits housing - (biz.yahoo.com)
The Entire Subprime Market Is Toast - (blogs.wsj.com)
Screams For More Fed Authority Get Louder - (Mish at globaleconomicanalysis.blogspot.com)
BankUnited imploding - (optionarmageddon.ml-implode.com)
CapitalSource Takes it to the Bank - (www.ml-implode.com)
Renters sitting prettier amid house-market upheaval - (www.ml-implode.com)
Down 13 Points, 4:00 to Go - (www.ml-implode.com)
Quicken Loans Cuts 250 Jobs - (www.ml-implode.com)

Travelers Shift to Rail as Cost of Fuel Rises - (www.nytimes.com)
Price Increases Put Pressure on the Fed - (www.nytimes.com)
New Evidence of Inflation Vexes Central Banks - (online.wsj.com)
States Feel the Pinch From U.S. Slowdown - (online.wsj.com)
California, Florida Had Biggest Job Losses in May, Labor Says - (www.bloomberg.com)
California's unemployment rate rises to 6.8 pct - (www.businessweek.com)
In weak economy, forgoing $4 lattes for home brews - (www.chicagotribune.com)
White House: Fed needs new powers - (www.philly.com)
States spending plummets as revenue comes up short - (www.signonsandiego.com) Spending by states in the coming fiscal year will plummet as revenues continue to come up short and expenses like health care and employee pensions continue to mount, according to a report released Thursday.
Americans reduce driving 1.4 billion miles - (www.startribune.com)

Why Is Oil So High? Pick a View - (www.nytimes.com)
Oil Summit to Take on Speculators - (online.wsj.com)
Bond Insurers Inflict Further Pain on the Market - (online.wsj.com)
FBI eyes big business in mortgage fraud probe - (www.ft.com)
A Question of Value - (www.nytimes.com)
Short Selling on NYSE Sets Record - (online.wsj.com)
Hedge fund launches at eight-year low - (www.ft.com)
CBOE seat goes for record $3.3 million - (www.chicagotribune.com)


Ford Delays New Pickup and Reduces Production - (www.nytimes.com)
GM, Ford, Chrysler Credit Ratings May Be Cut by S&P - (www.bloomberg.com) S&P placed the carmakers' credit ratings, already five levels below investment grade, on CreditWatch negative, according to a statement today. New York-based S&P, a unit of McGraw-Hill Cos., said it may also downgrade their financing arms. While the carmakers will be able to pay their debts this year, their cash may shrink to ``undesirable levels'' by the end of 2009, S&P said.
Citi warns of further large writedowns - (www.ft.com)
Circuit City posts wider fiscal first-quarter loss - (www.latimes.com)
GM to halt major overhaul of pickups, SUVs - (www.signonsandiego.com)
Bear Stearns Fund Prosecutors Reveal `Lot of Evidence' of Fraud - (www.bloomberg.com)
High Fuel Costs Are Squeezing Low Air Fares - (www.nytimes.com)
United, Continental ally to fight fuel costs - (www.chicagotribune.com)
IKEA feels impact of housing slowdown - (www.chicagotribune.com)

Inflation and protests create economic storm - (www.ft.com)
India, China Face Accelerating Inflation, Higher Rates on Fuel - (www.bloomberg.com)
China to raise fuel, electricity prices; global oil market takes notice - (www.latimes.com)
India's inflation jumps to 13-year high - (www.ap.com)


Day of the dollar: A global connection - (www.latimes.com)
The Saga of Bear's Fund Chiefs - (online.wsj.com)

Monday May 19 Housing and Economic stories

Top Stories:

Fed Collateral Worries Volcker - (online.wsj.com) – Yes, the government bailout of the banks has begun. Since the credit crisis began last August, the Fed has expanded the volume and types of loans it is willing to make to banks and securities dealers -- loans that are backed by a wide variety of collateral from subprime mortgages to student loans. It has so far not directly purchased such debt. It did, however, make an unprecedented loan of $29 billion to facilitate the sale of Bear ...
Banks delayed action on most overdue mortgages - (www.idahostatesman.com) - Lenders wanted to avoid big losses in the fourth quarter of last year, so they delayed action on the bulk of overdue mortgages.
Ex-real estate agent accused of holdup during open house - (sanluisobispo.com) – Hmmm, is anyone surprised by these types of stories? Nope J
FDIC Grows Wary of Brokered Deposits - (online.wsj.com) - Those worries were highlighted by federal regulators' decision earlier this month to close ANB Financial, the third bank to fail this year. Management of the $2.1 billion bank had actively sought out brokered deposits. ANB Financial, based in Bentonville, Ark., used these brokered deposits to turn around and fund various real-estate loans that started to deteriorate with the decline in the housing market.
Fannie, Freddie Called Weak in Capital Base - (online.wsj.com) - With that skimpy capital cushion, the government-sponsored companies "could pose significant risk to taxpayers as well as to financial institutions and other investors," the regulator, James Lockhart, director of the Office of Federal Housing Enterprise Oversight, said at a conference in Chicago.
Nordic Central Banks Lend Iceland 1.5 Billion Euros - (www.bloomberg.com) Iceland received an emergency loan facility from Nordic central banks to shore up the krona and avert an economic collapse.
The currency, which has tumbled as much as 26 percent against the euro this year, rallied 4.7 percent after Denmark, Sweden and Norway agreed to provide the loan facility of 1.5 billion euros ($2.3 billion).
Saudis Rebuff Bush, Politely, on Pumping More Oil - (www.nytimes.com) - Bush blaming OPEC for oil production when really the US Government decision to devalue the dollar is causing all commodity and food prices to go up.
U.S. Builders Broke Ground on Fewest Houses Since '91 - (www.bloomberg.com)
Record condo numbers to saturate Chicago - (www.chicagotribune.com)
Recovery From Housing Slump Comes With Angel - (www.bloomberg.com) - ``You buy the mortgage for pennies on the dollar, carry the big stick, tell the homeowner how it's going to be, then double your money very easily,'' Gutierrez said. Yes, another scam industry is forming.
As Gas Prices Spike, Suburban House Prices Fall - (blogs.wsj.com)


Other Stories:

Fannie Eliminates Declining Markets LTV Restrictions - [2008-05-18] - "Ceding to pressure from consumer groups Fannie Mae eliminated its declining market LTV restrictions policy which required under...
Decession or Depression? - [2008-05-18] - For two years, I have been writing about what I call a Decession, which is far worse than a Recession, but not as bad as a Dep...
Estimated Relative Standard Errors in Housing Data - [2008-05-17] - "You used to discuss the Commerce Dept.'s standard statistical error regularly. In light of that surprising Housing Start number...
Page 33 News and More Small Print - [2008-05-17] - "Don’t look now but the FDIC has finally figured out that they have a problem with “brokered deposits”. These are sold through t...
Home sellers turn to new ally, tax grievance assessors - [2008-05-17] - "many home sellers have resorted to challenging their property assessments. They're contacting assessors in droves. Some pay hun...
Surprising real estate surprises - [2008-05-16]
BB&T Nixes Subprime Wholesale Unit - [2008-05-16]
Fannie Steps Back on Declining Market Policy for Downpayments - [2008-05-16]
Focus shifts to HELOCs - [2008-05-16]
FDIC's Bair: Housing crisis is a national problem - [2008-05-16]
WaMu to Shut Off Home Equity Lines - [2008-05-16]
SunTrust Stops HELOC’s TODAY!! MUST SUBMIT TODAY - [2008-05-16]
California Leads Way To Consumer Bust - [2008-05-16]
Housing Starts Plunge 30.6% - [2008-05-16]
Downey’s Option ARM Woes Continue to Grow - [2008-05-16

CA has highest no doc and bad loan percentages - (Mish at globaleconomicanalysis.blogspot.com)
Affluent Can No Longer Afford Their Mortgages - (www.washingtonpost.com)
White House and Congress Battle Over Housing Bill - (www.efinancedirectory.com)
Housing Outlook: Decession or Depression? - (realestateandhousing2.blogspot.com)
Markets May Be in 'Eye of Hurricane' - (www.bloomberg.com)

It’s Not Just Petroleum, All Imports Cost More - (www.nytimes.com)
Bernanke: Banks must get better at foreseeing risk - (www.chicagotribune.com)
Senate Short of Agreement on Housing Rescue - (www.washingtonpost.com)
SF East Bay Data for Q1 2008 - (eastbayhousingbubble.blogspot.com)
Collateral Foreclosure Damage for Condo Owners - (www.nytimes.com)
Countrywide in yet deeper shit - (news.yahoo.com)
Credit rating agencies are untrustworthy - (www.foxbusiness.com)
Volcker warns that '70s-Style Inflation Possible - (www.nytimes.com)
Bernanke's Bubble Laboratory - (online.wsj.com)
U.S. Economy: Confidence Slumps, Single-Family Home Starts Fall - (www.bloomberg.com)
Mortgage Bailout Infuriates Tenants (And Steve Forbes) - (online.wsj.com)
For Wall Street Workers, Ax Falls Quietly - (www.nytimes.com)

A Gamble That Went Bust - (online.wsj.com)
Scholes, Nobel Laureate, Says Credit Crisis May Not Be Over - (www.bloomberg.com)
Subprime hangover lingers over bank earnings - (www.reuters.com)
J.C. Penney says profit fell 50 percent, will again - (www.dallasnews.com)
Rio Tinto Faces Iron-Ore Boycott - (online.wsj.com)
Fannie Is Poised to Scrap Policy Over Down Payments - (online.wsj.com)
Belts tighten at food show - (www.chicagotribune.com)
Nordstrom 1Q profit sinks 24 pct on economy - (www.chicagotribune.com)
Another problem parent - (www.economist.com)
Logan sees drop in US travel in '08 - (www.boston.com)
India's Inflation Unexpectedly Accelerates on Food - (www.bloomberg.com))
What a Deal: Trash for Treasuries - (www.nytimes.com)
Color-Blind Merrill in a Sea of Red Flags - (www.nytimes.com)

Friday May 9 Housing and Economic stories

Top Stories:

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


Other Stories:

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

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

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

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

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

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

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

Wednesday May 7 Housing and Economic stories

Top Stories:

Vallejo, California City Officials Vote to File for Bankruptcy - (www.bloomberg.com) - Vallejo, California's city council voted to go into bankruptcy, saying the city doesn't have enough money to pay its bills afte...
White House threatens veto of FHA-rescue bill - (www.ml-implode.com)- The House on Wednesday will begin debate on a housing package that would let the government back loans for homeowners at risk ...
Is Pessimism Extreme Enough to Mark Housing Bottom? No. - (Charles Hugh Smith at www.oftwominds.com)
If you bought in 2006 its 50/50 you’re underwater - (www.ml-implode.com) - "Zillow posted some interesting analysis today in which they claim that 50% of all home buyers who purchased a home in 2006 are ...
WaMu's Suspect Mortgage Pool - (www.ml-implode.com)
LOOK OUT!! Home Equity Line Suspensions Go Countrywide…City by City! - (www.ml-implode.com)
The worst is not over - (www.bloomberg.com)
Historic credit crunch still worsening despite Fed's inflation orgy - (www.marketwatch.com)
Why Did the Mortgage Market Go Out of Control? - (www.seekingalpha.com)
FBI Mortgage Fraud Investigation "Overlooks" Fannie Mae and Federal Reserve - (www.nytimes.com)
BofA may lower Countrywide bid to $2/share or below - (www.marketwatch.com)
BofA may renegotiate deal to buy Countrywide - (news.yahoo.com)


Other Stories:

Pending Home Sales Index Declines - (www.ml-implode.com)- "The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, edged down 1.0 percent to 83.0 fr...
Kevin Phillips on the U.S. shark tank and other ills - (www.ml-implode.com) - Kevin Phillips, author of "Bad Money - Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism" was inte...
Tax Policy and the House Price Bubble - (www.ml-implode.com)
Draining national prosperity - (www.ml-implode.com)
New Price Drop Could Imperil Mortgage Agencies - (www.ml-implode.com)
Countrywide Establishing Bankruptcy Ombudsman's Office - (www.ml-implode.com)

Rents Falling Along With House Prices - (www.cbs4.com)
Rent-free defaulted houseowners keep economy going - (www.californiahousingforecast.com)
East Palo Alto House Price Rolled Back to 1999 - (sanmateore.dreamhosters.com)
Simple Economics - (www.patrick.net)
Emblem of OC's house market now a short sale - (lansner.freedomblogging.com)
Warren Buffett at annual Berkshire meeting: Think small - (money.cnn.com)
Buffett Castigates Wall Street on Mortgage Disaster - (www.bloomberg.com)
In Need of Serious Repair: U.S. Mortgage Finance - (www.seekingalpha.com)
Bank of America should completely walk away from Countrywide - (www.bloomberg.com)
Housebuyers seek less space, more features - (www.tradingmarkets.com)

Oil Rises to a Record $122.73 on Nigeria Attack, Demand Growth - (www.bloomberg.com)
Gold Rises as Dollar Declines, Oil Tops $122; Silver Gains - (www.bloomberg.com)
Ten-Year Treasury Notes Fall Before Government Auction Tomorrow - (www.bloomberg.com)
U.S. Stocks Rise as Energy Producers, Financial Companies Gain - (www.bloomberg.com)

Bernanke pushes government help to curb foreclosures - (www.latimes.com)
Many wireless resellers going under - (www.usatoday.com)

Goldman's Murti Says Oil `Likely' to Reach $150-$200 - (www.bloomberg.com)
Hedge-Fund Portfolios Stockpile Cash - (online.wsj.com)
How low will real estate go? - (www.latimes.com)
Fannie Mae to Raise $6 Billion After Posting Loss - (www.bloomberg.com)
Cisco Profit Falls 5.4%; Forecast Meets Estimates - (www.bloomberg.com)
Doubts Raised on Big Backers of Mortgages - (www.nytimes.com)
Home lender ResCap facing cash crunch - (www.latimes.com)
GE to stop financing boat, motor home purchases - (www.latimes.com)
UBS Set to Cut 5,500 Jobs After First-Quarter Loss - (www.bloomberg.com)
Sprint Mulls Shedding Nextel Unit - (online.wsj.com)
Acquisition of Lender Is Possibly in Jeopardy - (www.nytimes.com)
D.R. Horton swings to $1.3 billion loss - Market Watch from Dow Jones
Wal-Mart expands low-price drug program; Target follows - (www.chicagotribune.com)
Merck to cut 1,200 sales jobs following regulatory setback - (www.chicagotribune.com)
Economic Troubles Affect the Vegas Strip - (www.nytimes.com)
Tropicana casino group files for bankruptcy - (afp.google.com)
Sears, Like Consumers, Cuts Back - (online.wsj.com)
Swiss Re First-Quarter Profit Falls on Writedown - (www.bloomberg.com)
Tight Credit Worries for a Hotel and Mall Operator - (www.nytimes.com)

Rising Food Prices Hurting 1 Billion Asians, ADB's Kuroda Says - (www.bloomberg.com)
Brazil seeing sweet profit from sugar cane-based ethanol - (www.dallasnews.com)
Indonesia Raises Key Rate; Says May `Adjust' Further - (www.bloomberg.com)
U.K. Services Expand at Slowest Pace in Five Years - (www.bloomberg.com)
Brics offer investors a varied harvest - (www.ft.com)
Warning on current account deficit - (www.ft.com)
Subprime disease breeding ground: pools - (www.marketwatch.com)