Items of Interest:
Les Christie / CNNMoney.com:
Foreclosures: ‘April was a shocker’ -- A record number of foreclosure filings took place during April, but the number of repossessions fell 11%.
Foreclosures in April exceeded even March's blistering pace with a record 342,000 homes receiving notices of default, auction notices or undergoing bank repossessions, according to a regular industry report.
One of every 374 U.S. homes received a filing during the month, the highest monthly rate that RealtyTrac, an online marketer of foreclosed properties, has recorded in four-plus years of record keeping.
"April was a shocker," said Rick Sharga, a spokesman for RealtyTrac. "I would have bet on a dip because March foreclosures were so high." ...
Ed Morrissey / Hot Air: Housing foreclosures accelerateYlan Mui / Washington Post: Retail Sales Drop Unexpectedly in AprilMegan McArdle: Green? Shoot. — The “green shoots” theory of economic recovery …
The Campaign Spot: Remember Who's Saying ‘The Recession Is Over’Mary Kane / The Washington Independent: The Foreclosure Machine Sets Another RecordJoe Weisenthal / Clusterstock: April Foreclosure Spike Is A “Shocker”
Post-Moratorium Foreclosure Sales Surge -- Although government-sponsored entities Fannie Mae and Freddie Mac increased their foreclosure prevention actions by 9% in February, completed foreclosure sales at the GSEs surged nearly 900% from January, according to the foreclosure prevention report issued Tuesday by the Federal Housing Finance Agency (FHFA) on behalf of the enterprises....
Home Sales Rise in 17 States as Foreclosures Depress Prices -- Sales of existing homes picked up in 17 states in the first quarter compared with the previous one, pointing to more signs of life for the home market.
Nationally, first-quarter sales of existing homes were down 3.2% from the last three months of 2008 and down 6.8% year-over-year, the National Association of Realtors said Tuesday...
Homeowner confidence shrinks in the West -- In a dramatic change from last quarter, homeowners in the West now have the most realistic perception of their own homes’ values, with 75 % believing it decreased in the past year, a survey by online home tracker Zillow shows...
Myglesias / Matthew Yglesias: Obama Pushing Derivatives Regulation
The Truth Behind the Social Security and Medicare Alarm Bells -- What are we to make of yesterday's report from the trustees of the Social Security and Medicare trust funds that Social Security will run out of assets in 2037, four years sooner than previously forecast, and Medicare’s hospital fund will be exhausted by 2017, two years earlier than predicted a year ago?
Reports of these two funds' demise are not new...
Lance Mannion: Death will not be taking a holidayTyler Cowen / Marginal Revolution: More health care cost fallaciesLibby Spencer / The Impolitic: The Medicare Scare — Sooner or later the Social Security …
Chuck Blahous / Hudson Institute: The Worsening Social Security Outlook
Editorial / Investor's Business Daily: Social Security: Apocalypse When?
Yves Smith / naked capitalism: Obama Administration Considering Tackling Financial Services PayNew York Times: U.S. Considers Financial Pay RulesScared Monkeys: What Every Happened to Lady Liberty ... Obama Change & Slight …Larry Ribstein / Ideoblog: Dismantling capitalism: bank compensation regulation way beyond TARPHenry Blodget / Clusterstock: Now Obama Wants To Cap Pay At ALL Banks And Wall StreetEric Zimmermann / The Hill's Blog Briefing Room: The AIG story: It's backBrad Warbiany / The Liberty Papers: Obama Administration Setting Compensation — For Non-TARP BanksGlentime / The Page: Contemplating Compensation Practices
SEC Recommends Fraud Charges Against Countrywide's Mozilo -- Talk about a fall from grace for 'Oh Tanned One' Angelo Mozilo.
The man who was once lauded as the greatest friend to the homeowner for happily extending credit to anyone with a pulse is looking at possible civil fraud charges from the SEC, reports WSJ.
Mozilo, who sold Countrywide to Bank of America (BAC) before the crisis had fully revved up (brilliant), faces all kinds of legal headaches, including charges of Fraud in Florida (They're blaming Mozilo for their housing bubble, which is, ahem, absurd)...
- What's So Bad About Bankruptcy Anyway? - Megan McArdle, The Atlantic
- Fiat + Chrysler + Opel = One Crazy Idea - David Pauly, Bloomberg
- The GOP: Starving and Blaming the Beast - Thomas Frank, Wall St. Journal
- Why the EU Goes after U.S. Companies - Peter Gumbel, Fortune
- It Doesn't Matter What We Call the Rally - Mark Hulbert, MarketWatch
- The Federal Reserve Needs To Be Boring Again - Thomas Cooley, Forbes
- Obama's Tax Increases Could Kill The Recovery - Martin Feldstein, WSJ
- Should You Bother with Government Bonds? - Jeremy Siegel, Yahoo!
- In Banking and Credit, What Is Fair? - Steven Pearlstein, Washington Post
- Boomers Can No Longer Afford to Retire - Randall Forsyth, Barron's
- America's Triple A Rating Is at Risk - David Walker, Financial Times
- Health Care, a Lesson In Financial Pain - David Leonhardt, New York Times
- How to Get Main Street Off Of Wall Street's Back - Geoff Colvin, Fortune
- Why General Motors Is Worth More Dead, Than Alive - Daniel Gross, Slate
- General Motors Retirees Bully Bondholders - David Reilly, Bloomberg
- Chrysler and the Rule of Law - Todd Zywicki, Wall Street Journal
- The Foundation of Capitalism Is Shifting - Todd Harrison, MarketWatch
- He's An Outsourcer, and Proud of It - David Lazarus, Los Angeles Times
- Higher Taxes Could Deepen Our Woes - Richard Rahn, Washington Times
- Obama Gets Tax Policy Backwards - Steven Malanga, RealClearMarkets
- For Bubble-Free Growth, Look to the ’60s - Sudeep Reddy, Real Time Econ
- Yet Another Greenspan Housing Bottom Call - Barry Ritholtz, Big Picture
- Asian Economies Are Likely To Pull Out of Recession First - Economist