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The American Bankers Association's (ABA) today released Consumer Credit Delinquency data. The ABA report said that the composite ratio, which tracks delinquencies in eight closed-end installment loan categories, rose 0.1 percent to a new record high of 3.23 percent of all accounts being delinquent.With continued job losses and longer periods of unemployment expected, further credit delinquencies are anticipated, especially if consumers are becoming increasingly reliant on credit cards to "make the ends meet". Credit issuers are thus likely to freeze or close accounts in anticipation of this event. With a loss of credit, consumers will be forced to make a decision on whether to make their housing payment or buy groceries to feed their family. Clearly this would lead to further housing delinquencies and eventually more foreclosures. ...

Less than a week after Securities and Exchange Commission Chairman Christopher Cox invoked the Commission's emergency powers to regulate short selling of certain stocks including Freddie Mac and Fannie Mae, complaints were surfacing from financial institutions. The complaints were not because those financial institutions were on the list of troubled banks in need of shoring up, but because they were not.

The American Bankers Association which represents the interest of 8,500 banks said, in a letter to the SEC, that it fears that short sellers will now concentrate their efforts on banks that are not covered by the emergency order and asked that...

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Congressional Reps Oxley and Frank ask GAO to weigh in on competition in the real estate industry. One can’t help but wonder why....