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November 2008 - Around The Web



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  • October New Home Sales: Lowest Since 1982
    Published Wed, Nov 26 2008 12:54 PM by Calculated Risk Blog
    The Census Bureau , New Home Sales in October were at a seasonally adjusted annual rate of 433 thousand. This is the lowest sales rate since 1982. Click on graph for larger image in new window. The first graph shows monthly new home sales (NSA - Not Seasonally...
  • Jumbo Prime: ‘Walk Away’ Loans - More Downgrades Coming
    Published Wed, Nov 26 2008 12:54 PM by mrmortgage.ml-implode.com
    I am hearing that more ratings agency downgrades are on the way in the Jumbo Prime arena - rightfully so. I call Jumbo Prime the ultimate ‘walk away’ loans. Conforming and Jumbo Prime defaults are surging. These programs offered by most of our nations...
  • Meredith Whitney says $44 billion in additional writedowns may be on the way
    Published Wed, Nov 26 2008 12:54 PM by feeds.feedburner.com
    Oppenheimer Banking seeress Meredith Whitney has more lumps of holiday coal for the banking industry. She's projecting that the U.S. banks, including Citigroup, could see another $44 billion in writedowns and charges in the fourth quarter. Accounting...
  • The Consequences of Another 10% Housing Price Decline
    Published Wed, Nov 26 2008 9:34 AM by Seeking Alpha
    Lok Sang Ho submits: It is sometimes pointed out that the percentage decline in housing prices is much less than the percentage decline in stock prices, and this is not withstanding an estimated 4.28 trillion dollars spent on various forms of bailout...
  • Bernanke Admits to Misjudging the Mortgage Crisis
    Published Wed, Nov 26 2008 9:33 AM by Seeking Alpha
    submits: There are few times in life when one can say with authority that they were ahead of the curve — I mean, really, really ahead of it. But the reason so many of you read HousingWire today is because this blog-turned-news agency was among the first...
  • Synchronized Recession, Synchronized Stimulus?
    Published Wed, Nov 26 2008 9:32 AM by www.econbrowser.com
    The OECD has just released its forecasts. This follows the recent updated IMF forecasts. Growth is evaporating the industrial countries. What is to be done? Figure 1: From of OECD Economic Outlook 84 . Blue is negative growth, darkest blue is -9.335%;...
  • Ratings Services Release RMBS Rules
    Published Wed, Nov 26 2008 9:31 AM by feeds.feedburner.com
    Fitch Ratings and Standar & Poors (S&P) Ratings services both published their methodology and assumptions for evaluating residential mortgage-backed securities (RMBS) in November. Look for both services to issue updated ratings over the next few...
  • Home Builders Accuse FDIC of Cutting off C&D Loans
    Published Wed, Nov 26 2008 9:30 AM by Calculated Risk Blog
    From the WSJ: Home builders from Florida to Texas are railing against the Federal Deposit Insurance Corp., saying the agency is cutting off construction financing from seized banks and demanding early repayment of current loans. ... In the third quarter...
  • European Union proposes $260 billion stimulus
    Published Wed, Nov 26 2008 9:30 AM by www.marketwatch.com
    The European Union proposes a 200 billion euro ($260 billion) effort that would see member states coordinate attempts to provide a fiscal jolt to the region’s stagnating and shrinking economies.
  • The Return of Tall Paul
    Published Wed, Nov 26 2008 9:15 AM by feedproxy.google.com
    I find this to be very encouraging: President-elect Barack Obama will appoint former Federal Reserve Chairman Paul Volcker on Wednesday to be the chairman of a new White House advisory board tasked with helping to lift the nation from recession and stabilize...
  • FDIC Graphs Show the Extent of the Financial Crisis
    Published Wed, Nov 26 2008 9:15 AM by Seeking Alpha
    submits: More Institutions Report Declining Earnings, Quarterly Losses: Troubled assets continued to mount at insured commercial banks and savings institutions in the third quarter of 2008, placing a growing burden on industry earnings. Expenses for credit...
  • The Financial Crisis Spelled Out in Logos
    Published Wed, Nov 26 2008 9:15 AM by feedproxy.google.com
  • Banks want clarity soon on fair value accounting
    Published Tue, Nov 25 2008 4:42 PM by Reuters
    WASHINGTON (Reuters) - Banks on Tuesday pleaded with regulators to immediately clarify fair value accounting rules and said failure to do so would negate the government's efforts to shore up the financial sector.
  • Does stock market rally have legs?
    Published Tue, Nov 25 2008 3:40 PM by feedproxy.google.com
    Global stock markets rallied for a second consecutive day after the US government agreed to rescue the beleaguered Citigroup (C) and as President-elect Obama introduced his administration’s new economic team, emphasizing the need for quick action to hasten...
  • Bank reserves aren't keeping up with loan losses, FDIC warns
    Published Tue, Nov 25 2008 1:51 PM by www.marketwatch.com
    SAN FRANCISCO (MarketWatch) -- Bank loan losses surged during the third quarter but the reserves set aside for future problems didn't keep up, the Federal Deposit Insurance Corp. said on Tuesday.
  • AIG chief slashes salary to $1
    Published Tue, Nov 25 2008 1:50 PM by rss.cnn.com
    AIG Chief Executive Edward Liddy agreed to slash his annual salary to $1 as part of a series of voluntary pay restrictions by top executives tied to a massive $150 billion government bailout.
  • Countrywide Tries To Fix Up Economy—No, Really
    Published Tue, Nov 25 2008 1:49 PM by CNBC
    Posted By: You can tell that Countrywide is under new management. It invited me in. Many blame Countrywide for the easy-money mortgages which led to the housing bust. Topics: Companies: | MEDIA: |
  • Hope Now Completed 225,000 Workouts in October
    Published Tue, Nov 25 2008 1:49 PM by www.thetruthaboutmortgage.com
    Hope Now, a foreclosure prevention coalition of mortgage servicers, lenders, and housing counselors, carried out 225,000 workouts last month, 13,000 more than the record it set a month earlier. Since the beginning of the year, roughly 1.7 million foreclosures...
  • Roubini: Geithner and Summers "Excellent Choices"
    Published Tue, Nov 25 2008 1:49 PM by Calculated Risk Blog
    From a Newsweek interview: NEWSWEEK: What are your thoughts on the team Obama assembled? Nouriel Roubini: The choices are excellent. Tim Geithner is going to be a pragmatic, thoughtful and great leader for the Treasury. He has experience at the Treasury...
  • Price-to-Rent Ratio
    Published Tue, Nov 25 2008 11:30 AM by Calculated Risk Blog
    In October 2004, Fed economist John Krainer and researcher Chishen Wei wrote a Fed letter on price to rent ratios: . Kainer and Wei presented a price-to-rent ratio using the OFHEO house price index and the Owners' Equivalent Rent (OER) from the BLS...
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