Reverses and Subprime 3, Mortgage Brokers, Hedge Fund Wins, TOBs, UBS

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1.  Trying to Stop Foreclosure With a Reverse Mortgage - thanks John Yedinak -  Reverse Mortgage Daily 

2.  Tanta has thoughts on WSJ article about using reverse mortgages to get out of subprime mess - thanks Susan Kulakowski -  Calculated Risk

3.  Reverse mortgages to bailout subprime debt - thanks Victor Hong -  Wall St. Journal 

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Hat Tip to BrokerWatchdog
Are Mortgage Brokers Ancient History in 08? - Loan Modification & Loan Workout News

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interesting story - Making a profit on the crashing market - Betting against subprime loans proves lucrative for hedge fund -  Seattle PI 

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Are Subprime Losses Being Exaggerated? -  … I’ll repeat: no one is going to have a real handle on mortgage losses unless and until someone manages to get a handle on the percentage of mortgage loans which are non-recourse.  -  Felix Salmon - portfolio.com 

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another kind of derivative - TOBs, and Why Munis Are a Must for Long-Term Holders - Accrued Interest 

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Swiss Bank Regulator To Investigate UBS On Huge Mortgage Losses - AHN

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2008, Property Tax Chart, Financial Freedom Mess, Case-Shiller 2, ABCP, ACA

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Column: Credit Crunch Dims ‘2008 Outlook -  Topping that list is Countrywide Financial Corp.’s Angelo Mozilo, who has become the poster-child for the housing bust. The CEO of the nation’s biggest …  Associated Press 

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Homeowners Protest Property Taxes - has chart -  globaleconomicanalysis

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Senate Subcommittee on Aging & Financial Freedom Mess - Reverse Mortgage Daily 
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1.  Case Shiller chart and article - Broadbased, record declines in home prices -
themessthatgreenspanmade.blogspot.com 

2.  Shiller: Single-family Housing Market is “Grim” - The Big Picture 

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ABCP Survives Tumultuous Year, But at a Cost -  … though Fitch Ratings does not anticipate these funding pressures to have a direct effect on the credit performance of the U.S. ABCP programs it rates. …    riskcenter.com free reg. 
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1.  ACA Capital Enters Agreement with Regulator, Averts Delinquency Proceedings - …  it has ceded control of the company to the Insurance Commissioner for the State of Maryland. …  housingwire

2.  A Financial Day of Reckoning for Bond Insurers — by Michael Shedlock  seeking alpha 

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Debt Forgiveness Tax, California, Older Cities Paper, Not An Accident, Alphabet Soup

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Congress Expresses Holiday Spirit By Waiving ‘Debt Forgiveness’ Tax - … Ordinarily, forgiven debt is treated as taxable income …  themessthatgreenspanmade.blogspot.com   

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Dwindling Tax Receipts Spell Trouble For California - by Tim Iacono - seeking alpha

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The Property Tax and the Fortunes of Older Industrial Cities, Barry Bluestone and Chase M. Billingham -  Disparities in property tax revenue due to growing gaps in assessed property values between wealthy, fast-growing communities and older industrial cities can lead to uneven development. -  Lincoln Institute 

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The Loan Crisis Wasn’t an Accident -  New York Times 

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The Subprime Meltdown’s Alphabet Soup -  Roger Ehrenberg  -  Information Arbitrage