posted by Bill Coppedge

How Subprime Works – Maybe you have seen this … originally a PowerPoint presentation and is very funny.  Be warned … it does contains profanity, so if that offends you, do not go here.  -  This takes a while to load. Five people sent me emails about this – Thanks to all of you.
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Losses stalk Royal Bank of Scotland – RBS has been upbeat about its exposure to subprime losses so far. But new problems may be exposed when it reports earnings. -  Fortune  Money CNN

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has the lists! – Banks Denying Approval on Most Miami Condo Mortgages – has links to BankUnited non-permissible condo list and WaMu eligibility list (2137 pages) – ClickBroker 

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From Foreclosure Signs to Auto Repo Lots – Easy Credit Gives Way to High Consumer Debt and Defaults – Washington Post 

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Financials: Insiders Buying on Consistent Basis – Todd Sullivan – seeking alpha

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Economic Stimulus Bill & Reverse Mortgages -  John Yedinak wieghs in on the bill not including HECM loans -   Reverse Mortgage Daily

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Some Builders Offer Buyers Price Guarantees in California – OC Register

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1.  Going broke?  Blame your primitive brain – Your brain’s pleasure center can lead you to financial ruin. Here’s how to keep it under control.  MSN     

2.  For investors, excitement is an enemy.  MSN

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55+ Market Now 21 Percent of New Home Buyers – Older buyers also purchase almost 25 percent of all new custom homes. – Builder Online

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Wachovia: Lower Rates Working – Todd Sullivan’s – ValuePlays  

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SIFMA To Update GSE Guidelines – The TBA market facilitates the forward trading of MBS issued by GSEs and Ginnie Mae by creating parameters under which mortgage pools can be considered … – Mortgageorb
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CA: Housing Bottom Nowhere in Sight – Michael Shedlock -  globaleconomicanalysis
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1.  Falling House Prices Force Tighter Lending Standards – Dean Baker – CEPR.net
2.  Own to Rent? Yes We Can! – Dean Baker – CEPR.net

thanks Ira Artman
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Fair Isaac retooling its damaged FICO tool – Minneapolis Star Tribune

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Bill Fleckenstein: It’s too early to be bullish – If you listen to some prominent market professionals, you might think the worst is over. But the credit/housing bubble is a far bigger mess than the tech-stock bust.  – MSN
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LFKAJ* Update (Loans Formerly Known As Jumbo) – Tanta does it again! -  Calculated Risk