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Consumer Spending will not Collapse in Face of Housing Correction – Diane Swonk’s Themes on the Economy

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New CEPR Paper Looks at the Factors Leading Up To the Recent Instability of the Housing and Stock Markets – “Midsummer Meltdown: Prospects for the Stock and Housing Markets”. – CEPR

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Housing Trends – America’s Most Expensive Commutes – In these 10 cities, commuting costs eat up almost a fifth of household expenses – Forbes

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Good-Bye First-Time Home Buyer! and Month in Review, August 2007 – John Burns RE Consulting

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1. Fannie Mae Wants Higher Mortgage Cap – Forbes
2. OFHEO STATEMENT – not going to increase limits yet – OFHEO
3. Bush: No B&C Bailout housingwire

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NOURIEL ROUBINI’S INSIGHTS INTO THE CURRENT MARKET TURMOIL: WE ARE FACING A “FUNDAMENTAL DEBT, CREDIT AND INSOLVENCY CRISIS”, NOT JUST A LIQUIDITY CRUNCH – Nouriel Roubini’s Blog

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DBRS Publishes Report: “U.S. RMBS Predatory Lending – Statutory Provisions and Assignee Liability” DBRS

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DC Area – Area’s Big Financiers Brace for ‘a Serious Shakeout’ – Washington Post

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well written but not for the faint of heart – This Is Not A Normal Event by Ben Jones – housing bubble blog

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Hope from Larry Kudlow – Will Main Street Bail Out Wall Street? – The Wall Street brainiacs are panicked about sub-prime mortgages and the current stock-market correction. But Main Street investors — with their plentiful incomes and longer-term stock market horizons — may ultimately bail them out. townhall.com

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Subprime woes are hurting all bank stocks USA Today

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Cramer After Lockhart Now – Business Law Prof Blog

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What the Fed Did in 1998 and What is Different Now – FXstreet.com The Foreign Exchange Market

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FOMC Caught In a Catch-22 – Thomas Kee submits: A rate cut by the FOMC is now expected. This would be a proactive step by the FOMC in my opinion, but a risky one. It may not even work because rate cuts take a while to impact the economy, and the recent increases in rates in the credit markets were based on risk assessment, not anticipated changes in rates. seeking alpha

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Home Price Indexes Show No Relief – By IndexUniverse Staff

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The “Plunge Protection Team” working Overtime, by Gary Dorsch, Editor – sirchartsalot