This is priceless: Idiot’s Guide to Improving Your Credit Score - Bespoke Investment Group

1) We hope you didn’t charge this book.
2) We hope you didn’t charge the National Enquirer either.
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Judge halts class action in Countrywide merger - … While stopping the class action claims over the merger, Pfaelzer ruled that the derivative claims, accusing the directors and officers of reaping hundreds of millions of dollars through alleged insider trading, could go forward in her court.  … -   Reuters

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Fourth Circuit: Mortgage Broker Not A “Creditor” Under TILA. A U.S. Court of Appeals for the Fourth Circuit recently affirmed a district court’s finding that a mortgage broker is not a “creditor” under Section 1602(f) of the Truth in Lending Act (”TILA”).  - courtesy of Buckley Kolar LLP

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R.I.P. Footnote to Bear Stearns ~ a.ka.a “The Bear Stearns Solution” ~ and what the Fed might hope to achieve by it - thanks John - Successful Trading Tips with John Bougearel 

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Aftershocks at Bear Stearns -  Jobs in jeopardy, stock wasted, institution vaporized, and employees don’t know who to blame -  BusinessWeek 

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BofA outlines Countrywide terms: SEC filing reveals proposed pay, givebacks involving lender execs - … Sambol would be paid half of the $20 million set aside for him in an retention account on the first anniversary of the merger and the remainder on the second anniversary. He also would receive an $8 million restricted stock bonus, which would be vested in three annual installments.  … - Ventura County Star - McClatchy-Tribune Information Services via COMTEX - TradingMarkets.com 

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Thirty-six States Show Decline in Past Three Months - LoanPerformance

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more spin from NAR? - Vacation-Home Sales Plummet 31% - The Big Picture

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Drop in mortgage rates sparks a surge - Loan applications jumped 50% last week, led by homeowners looking to refinance. - LA Times
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March Madness - The Big Picture 

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The Foreclosure Machine - … Behind the scenes in these dramas, a small army of law firms and default servicing companies, who represent mortgage lenders, have been raking in mounting profits.  … New York Times 

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HELOC holders refuse to budge: The $1.1 Trillion HELOC Problem - globaleconomicanalysis

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Land at 15 cents on the Dollar - Last night I spoke with a land developer. He just purchased improved land in SoCal (update: Inland Empire) for $0.15 on the dollar from a homebuilder (builder’s total cost). The deal closed Friday. The purchase price was less than half the cost of just the improvements (grading, streets, etc)! -  Calculated Risk

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read this - Taleb Outsells Greenspan as Black Swan Gives Worst Turbulence - Stephanie Baker-Said - thanks to Victor Hong for pointing this out - go read Taleb’s book - it is excellent BC - Bloomberg

posted by Bill Coppedge