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<a href="http://calculatedrisk.blogspot.com/2008/09/national-debt-to-exceed-10-trillion.html">National Debt to Exceed $10 Trillion Tomorrow </a> Congratulations to all.

Even just a year ago, I remember coming to the IHB - it felt like such a geeky thing back then, to hear Irvine Renter's detailed explanations about how the housing bubble would come undone. I remember the fascination of studying how this delicate, interwomen machine that is the mortgage system...

"FDIC loss-sharing in Wachovia deal is biggest ever Monday September 29, 5:31 pm ET By Marcy Gordon, AP Business Writer FDIC loss-sharing agreement in Wachovia deal is largest ever; helps ensure taxpayer protection WASHINGTON (AP) -- The FDIC's agreement to share potential...

"Tax on Trades Should Be Part of Rescue Plan, Some Democrats Say " http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a5UhcbI4jecU Tax of 0.25% being proposed. Since a "trade" is round-trip I guess that means 0.5% per round-trip transaction. "The same Wall Street speculators...

Conforming limit is 730,000$ in OC.

<a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aswE9.7TE8h4&refer=home">Link</a> " Fair value ``is an accounting issue that's too important to be left just to accountants,'' former SEC Chairman Harvey Pitt said in an interview today. Economists, academics and regulators from...

http://globaleconomicanalysis.blogspot.com/2008/09/3-month-treasury-yields-effectively-hit.html 3-month treasuries yield 0.02%. Flight to safety at all costs. "The Fed is desperately attempting to free up the system with mammoth injections of short term repos. The problem for the Fed...

<a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aAj1pHOSthQA&refer=home">Reserve Primary Money Fund Falls Below $1 a Share</a> "Reserve Primary Fund became the first money-market fund in 14 years to expose investors to losses after writing off $785 million of debt issued by...

Just thought I'd offer a reminder if anyone out here somehow has more than 100K in WaMu accounts, that it would be preferrable to move funds out. Today the cost for WaMu to insure its 1-year senior CDs has ratcheted up to 66 points. That is 66 percent, not 66 basis points. It would cost...

http://us.ft.com/ftgateway/superpage.ft?news_id=fto090920081455449405&page=2 "Mortgage rates initially fell further, but by mid-afternoon in New York the move had halted. An index of Fannie Mae's 30-year current coupon touched a low of 5.07 per cent before it retreated to 5.21 per cent...

Just say this on another forum and I was wondering what you guys think: "How I can make an easy $500K I have 4 rental homes, 2 in AZ and 2 in CA. They are all in my name and credit. I'm going to let them all go into foreclosure and buy them back from the auction. I've done the...

<a href="http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ac.pGKwsRx5k">Fannie Mae, Battling Losses, to End Alt-A Mortgages </a>

<a href="http://www.housingwire.com/2008/07/31/freddie-mac-pushes-out-foreclosure-timelines/">Freddie Mac Pushes Out Foreclosure Timelines</a> This is getting... disgusting. I can't believe it myself. People who can't afford the home they live in will now get a whopping 10 MONTHS of...

<a href="http://www.delawareonline.com/apps/pbcs.dll/article?AID=/20080801/NEWS01/80801031">Landlord crashes Hummer into tenants' home</a> This story's got it all! "A landlord who was apparently upset at his tenants because they were behind on their rent crashed his Hummer into their...

<a href="http://www.ft.com/cms/s/0/f52c86b4-6018-11dd-805e-000077b07658.html">http://www.ft.com/cms/s/0/f52c86b4-6018-11dd-805e-000077b07658.html</a> The banks receiving cease-and-desist orders in June were <strong>MetroPacific Bank in Irvine, California</strong>; Bank Haven in Haven...

First Priority Bank, Bradenton, FL * applause * Picture the FDIC as an airport with a small amount of runways and picture banks as large flying planes running around the airport waiting for their turn to land. That's pretty much what's going on here. <a...

A few days, the Merryl Lynch bank was able to sell off some of its toxic mortgage loans to another entity, Lone Star Funds. What is remarquable about the transaction is it's just about has shady as those subprime loans the banks were giving. How about if I sold you an asset: -...

<a href="http://news.yahoo.com/s/ap/20080731/ap_on_re_us/california_budget">Schwarzenegger orders cuts amid fiscal crisis </a> 22,000 federal jobs cut 200,000 jobs changed to receive minimal wage

Knowing the propensity for our local treasury to fool around with risky derivatives that "aren't supposed to go bad" but inevitably do whenever the "unthinkable" happens, how solvent do you think the county will be? They must have bought some of the worthless mortage-backed securities out...

IndyMac didn't fail just because of bad luck apparently. Here is what the prior chief appraiser at Indy Mac has to say about the work environment when he worked there from 2001 to 2002. That was BEFORE the bubble mind you, so one can only guess how f* up the place must have become in the bubble...