Fitch Downgrades, TAF 2, Bill Gross, MBIA, Insurers, DR. Seuss on CDOs

has a list - Friday Night Lights Out - Keeping up with the downgrades on various RMBS deals is turning into a full time job. Here’s a list of the downgrades issued tonight by Fitch alone — remember, these are the downgrades issued just in one night at one rating agency.  -  housingwire 

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1.  Federal Reserve announces results of auction of $20 billion in 35-day credit held on December 20, 2007  -  FED  
2.  Federal Reserve intends to continue TAF auctions as necessary  -  FED 

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Bill Gross: U.S. Already in Recession   -  Pimco founder Bill Gross told the Financial Times Friday that he believes a U.S. recession recently got underway. -  seeking alpha 

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MBIA Admits $30.6 Billion CDO Exposure -  … The question at hand is not whether MBIA is “AAA” or “AA” but whether or not MBIA is complete junk.  … -  globaleconomicanalysis

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Bond insurer defaults threaten big banks -  Downgrades of bond insurers like ACA could have damaging ripple effects throught the financial system.  -  Fortune.com 

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Dr Seuss on CDOs -  A PDF file entitled “Dr Seuss on CDOs” has been doing the email rounds today. The text can be found over at the WSJ’s economics blog, but it’s worth reading the piece in its the original PDF form, if you can bear a 1.5MB download, so here you go. There are some great bits  -  portfolio.com 

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Outlook, REITS, Reg Z Changes, Buyers Eyes, Projecting the Future, Shutdown, Navigate

3 articles from Ira Artman - thanks:

1.  Outlook 2008: Valuation, Attestation, and Litigation - also thanks Owen Eldridge -  IRA

2.  Market Risk – US REITs Will Be Weaker in 2008 -  RISKCENTER  FREE REG 

3.  could be big - Fed Requests Public Comment on Regulation Z Changes - RISKCENTER  FREE REG  

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4 from Real Estate Consulting - last article is good - thanks Ira Artman -   RE Consulting

1.  Look at Value Through Buyers’ Eyes 

2.  Projecting Future Housing Prices

3.  Develop Your Strategy for a Mortgage Industry Shutdown  

4.  A Strategy to Navigate the Housing Cycle

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Median Price, Kerry Killinger, IR Derivatives, Flop, Fed Proposes, San Diego Chart, Risk Chart

Analysis: What Should Median Housing Price Be Today? -  fundmymutualfund.com 

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Well, Killinger, did WaMu survive?  -  Accrued Interest 

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Interest-Rate Derivatives May Be Best Measure of Fed Progress -  Bloomberg 

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FHA Secure Has Been A Flop!-  A program unveiled by U.S. President George W. Bush in August that is trying to save tens of thousands of homeowners from foreclosure has aided just 266 borrowers so far …   BrokerWatchdog

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Fed Proposes New Subprime Lending Rules - has links to fed announcement plus comments - housingwire

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price chart of San Diego - House Price Round Trip - CalculatedRisk 

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has chart - Corporate/Treasury Bond Risk Premium Continues to Widen - … The truly big investing opportunities (the telecom bust, the 1987 crash) usually offer spreads above 300 basis points. … -  stockmarketbeat.com