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As a subplot to the entire mortgage drama, two feuds recently emerged or more accurately re-emerged among some major mortgage players.

...The Nation has weighed in on another aspect of the subprime mess. In its April 9 edition it has run a "comment" entitled "The Loan Shark Lobby" in which it details some interesting financial connections between New Century Financial Corporation which just declared bankruptcy and members of Congress.

In the wake of a tough couple of weeks that have rattled the sub-prime lending industry, Freddie Mac announced on Tuesday that it was cracking down on underwriting standards for those loans it purchases.

The mortgage giant announced that it will cease purchasing subprime mortgages that...

"A Cooling Trend" was the title given to Freddie Mac's September 2006 Economic Outlook released recently. In keeping with the seasonal theme, the report, issued by the Office of the Chief Economist, projected a cooling trend for the balance of the year, "with occasional frost and warmer conditions as we move into next spring."

Too cute by half, but the report goes on to emphasize the importance the housing sector has been to the overall economy during the recovery from the 2001 recession. In fact...

Last month we ended our report on Freddie Mac's April Economic Outlook with the statement that "Freddie Mac's April Economic Outlook deviates only slightly from predictions in earlier months; the housing market is slowing but certainly not screeching to a halt."

May's report which was issued this week paints a slightly less optimistic picture.