Items of Interest:
Obama Urges Regulation in Wake of Housing Slump -- Senator Barack Obama called Thursday for tighter regulation of mortgage lenders, banks and other financial institutions, even as he spoke of pumping $30 billion into the economy to shield homeowners and local governments from the worst effects of the collapse of the housing bubble.
He laid much of the blame for the current financial difficulties on the industry lobbyists and politicians who dismantled much of the regulatory framework overseeing energy, telecommunications and financial services. . .
Obama: Beware 'you're on your own' society — Presidential candidate Barack Obama, largely ignoring his Democratic rival for now, ridiculed likely Republican nominee John McCain on Wednesday for offering “not one single idea” to help hard-pressed homeowners facing foreclosure.
Obama Warms to Wrapping Up Contest
Obama, Clinton — and Echoes of Nader?
Home-Equity Loans (HELOC) Next Round in Credit Crisis -- Little by little, millions of Americans surrendered equity in their homes in recent years. Lulled by good times, they borrowed — sometimes heavily — against the roofs over their heads. Now the bill is coming due. As the housing market spirals downward, home equity loans, which turn home sweet home into cash sweet cash, are becoming the next flash point in the mortgage crisis. Americans owe a staggering $1.1 trillion on home equity loans — and banks are increasingly worried they may not get some of that money back...
This stuff disgusts me - Do you think any of the regulatory agencies in Washington have any idea where the swarming locusts have recently landed, now in the process of devouring one more part of the great American ownership society?
[via financial armageddon]
- Fixing the Housing Crunch - Steven Rattner, Washington Post
- Read it here first: Illogical Home Sellers - The Big Picture
- The Real Threat of the Housing Bubble - Seeking Alpha
- Underwriting Failure is Foolishness - Allan Meltzer, Wall Street Journal
- Risky Strategy Lures Investors Seeking Yield - Eleanor Laise, WSJ
- With $900 Million Gone, Bear’s Chairman Gets Out - NY Times
- Senate Eyes Deal - Dealbook, NY Times
- Ten Days That Changed Capitalism - David Wessel, Wall Street Journal
- New Regulations Won't Deter Collapses - David Callaway, MarketWatch
- Bear Fire Sale Leaves Owners Without Say - John Berlau, IBD
- The Bear Stearns Debacle - Russell Roberts, Cafe Hayek
- Bear Stearns: Let the Litigation Begin - DealBook, NY Times
- Chasing Liberty - Todd Harrison, Minyanville
Mike Mish Shedlock / Minyanville:
WaMu Alt-A Pool Revisited -- About a month ago, in Evidence of "Walking Away" In WaMu Mortgage Pool, I wrote about a particular Washington Mutual (WM) Alt-A mortgage pool "affectionately" known as WMALT 2007-0C1.
Many inquiring minds have been asking for an update of this pool. I am pleased to present a new screen shot of the same Alt-A pool. Once again, thanks go to "CS" for the screen shot. [...]
note: An Alt-A mortgage pool is considered riskier than "prime" and less risky than "subprime."