Items of Interest:
August foreclosures hit another record high -- There were 304,000 homes in some stage of default last month, and 91,000 families lost their homes.
Foreclosures hit another record high in August: 304,000 homes were in default and 91,000 families lost their houses.
More than 770,000 homes have been repossessed by lenders since August 2007, when the credit crunch took hold. The report from RealtyTrac, an online marketer of foreclosures properties, is the latest in string of bad news for housing.
Foreclosure filings of all kinds, including notices of defaults, notices of auctions and bank repossessions, grew 12% in August over July, and 27% compared with August 2007....
Lehman: Dead Firm Walking --
Lehman has a brand. It has some good groups. But it has a balance sheet hole that simply raises too much uncertainty for a buyer in today’s fragile markets. Further, no big acquisition of an investment bank ever works.Bloomberg:
Joyous Loathing at Lehman's Collapse --
Lehman is doomed for another reason: People are enjoying its failure. The pleasure and interest the markets now take in seeing it fail now exceeds their pleasure and interest in seeing it survive.WSJ:
Lehman Deal Could Come Soon As High-Level Talks Continue
Lehman Races to Find a Buyer
How the Fed Could Help a Lehman Sale Without Providing a Backstop
The End of Lehman -- A push for a sale by Monday has political hurdles.
Who Might Buy Lehman?
Could GE Buy Lehman?
Paulson Brothers On Either Side Of Lehman Divide -- U.S.Treasury Secretary Henry M. Paulson Jr. has lots of friends at Lehman Bros.
The former Goldman Sachs chief executive is close to Lehman Chairman and Chief Executive Richard Fuld. He also knows many of Lehman's bankers from his early years hammering out merger deals.
But Paulson's best friend at Lehman Bros. is probably his brother Richard Paulson, who has worked at the now-beleaguered investment bank as a fixed-income salesman for more than a decade..
- Fannie & Freddie - Holding Back The Tide, Part 1
- Fannie & Freddie - Holding Back The Tide, Part 2
- U.S. Defaults On Debt! - Part 1
As James Fallow noted in the Atlantic: "Every person in the (rich) United States has over the past 10 years or so borrowed about $4,000 from someone in the (poor) People’s Republic of China."...
- U.S. Defaults On Debt! - Part 2
Hennecke: "We expect a depression in the United States" --
The end result of the global economic slowdown may be the U.S. announcing national bankruptcy as the government cannot afford the bailouts that it promised and the market will not bail out the government, Martin Hennecke, senior manager of private clients at Tyche, told CNBC on Thursday.
"We expect a depression in the United States. We expect a depression, very possibly, also in Europe," Hennecke said on "Worldwide Exchange." ...
Willem Dafoe Lists Rubber-Clad House -- Actor Willem Dafoe is seeking $850,000 for his rubber-clad Modernist house in the Hudson Valley of upstate New York.
Mr. Dafoe has been nominated for an Academy Award twice ("Platoon" in 1987, "Shadow of the Vampire" in 2001) and played the villainous Green Goblin in the "Spider-Man" series. The actor, who lives in Manhattan, bought the 2,200-square-foot house in 1988.
In 1981, choreographer Eugene Loring commissioned the house and had it designed to blend into the landscape. A thick skin of gray-black rubber was stretched over the wood-frame exterior to complement eight car-sized boulders on the property...
- Should Lehman Brothers Go Private? - Dealbook, NY Times
- Henry Paulson's Backward Bailout - Editorial, The Nation
- We're No Longer Capitalists - Anatole Kaletsky, Times of London
- Fannie, Freddie and No Chris Dodd - Hubbard & Neusner, Washington Post
- Lehman's Assurances Ring Hollow - Floyd Norris , New York Times
- Fuld Learns the Wrong History Lessons - Tracy Corrigan, Daily Telegraph
- Wall Street's $100bb Tax Dodge - Bernhard Warner, Slate
- Uninsured Bank Deposits Not Guaranteed - Bill Donoghue, MarketWatch
- Tracking Lehman's Wikipedia Edits Thru Current Crisis - Infectious Greed
- Lehman Bailout This Weekend? - The Big Picture
- House Hunting in NJ, Or How I Made My Wife Cry - WSJ
- Warren Buffett's happy housing story - CNNMoney