Option Arms, Milwaukee, WaMu-JP, 2% Overnight, Second Liens, GSE Buying, Don’t Blame Them, Global Cap, Granthan, Relax Says Roger, David MErkel, Rumor Mill, Mighty Mouse, GSpan Put Dead, Homebuyers Need, CA Defaults

New alarm: Option-ARM ‘liar’s loans’ LA Times via Chicago Tribune http://www.chicagotribune.com/business/chi-mon_loans_0121jan21,0,2045461.story
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In Milwaukee, A Foreclosure Glut – Via Marie Rohde and Ben Poston at the Milwaukee Journal Sentinel, a look at just how much foreclosure activity has impacted the local real estate market …  housingwire 

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Speculation intensifies over WaMu-JPMorgan combo -  Bizjournals.com 
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All Home Loan Rates to Increase 2% Overnight Says MBA – Originator Times 

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The Economics of Second Liens- Felix Salmon – seeking alpha
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Who’s next? Part 1, the GSEs’ 2007 buying – For the fourth quarter, the GSEs had a 29.4% share of Countrywide’s subprime and Alt A MBS. But Fannie and Freddie had a combined 39.9% share of such product from Countrywide in the first quarter of 2006. …  Affordable Housing Institute : US
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Don’t Blame Subprime Lenders! -  By Jim Bradley  -  Mises.org 
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Global Market Capitalization Down $9 Trillion  -  Dr. John Rutledge Blog 
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Jeremy Grantham: The Minsky Meltdown Has Arrived -  seekiing alpha

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If You’re Diversified, Sit Back and Relax – Roger Ehrenberg – information arbitrage
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Three Notes on Housing – David Merkel – Aelph Blog
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Rumor Mill: JPMorgan Interested in Wells, Merrill? -  housingwire

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Mighty Mouse Bernanke Fails To Save The Day -  globaleconomicanalysis
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Greenspan Put Is Dead. Long Live Greenspan Put – CAROLINE BAUM   – bloomberg
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Homebuyers need higher credit scores, richer assets for loans -  Pittsburgh Tribune Review  ————
California Defaults Soar in 4Q – AP