Luxury Foreclosures – Growing Number of Affluent Homeowners Can No Longer Afford Their Mortgages – Washington Post 

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Record condo numbers to saturate downtown area – Chicago Tribune 

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WaMu COO: We’re Not Done Hemorrhaging – TheStreet.com 

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Meet Your New Recruits: They Want to Eat Your Lunch – BusinessWeek 

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Jumbo jitters: High-end homebuyers run into mortgage problems -  Lansing State Journal Brendan

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How Should We Respond to Asset Price Bubbles? – Frederic S. Mishkin – At the Wharton Financial Institutions Center and Oliver Wyman Institute’s Annual Financial Risk Roundtable  – FED

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Recovery From Worst Housing Slump Since 1930s Comes With Angel – Bob Ivry – Bloomberg 

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2 from Mortgagewire:
1.  Losses on Subprime Seconds Mount, Pressure Bond Insurers 

2.  Schumer Calls for FTC Investigation into Countrywide’s Default Management Practices 

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Some CFOs Spring to Fair Value’s Defense – Stephen Taub and Roy Harris – B of A and Freddie Mac finance chiefs, in different arenas, support the control of risk that mark-to-market accounting provides. – CFO.com 
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Early Retirees May Help Hold US Unemployment Rate Down -  Early retirement by baby boomers could be helping keep the unemployment rate down even as payroll employment falls, according to Standard & Poor’s Chief Economist David Wyss.  -  Research Recap

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Dismissal Denied in Countrywide Financial Subprime Derivative Lawsuit - lots of details – Kevin LaCroix -  D&O Diary

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The Secret Bailout of JP Morgan: How Insider Trading Looted Bear … -  talks about out of money put option trades – - Center for Research on Globalization 
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What Does It Mean When Monetary Policy Conducts a Fiscal Policy Operation? – Paul McCulley -  Global Central Bank Focus – PIMCO 

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AWESOME DATASOURCE: ZILLOW REPORTS – good resource with lots of data – be sure to check this out – Zillow

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Don’t believe Paulson: S&L 2.0, the Bank Failure Redux – … Now, for those banking CEOs, homebuilder CEOs (ex. Mr. Hovnanian), monoline CEOs and government officials (ex. Mr. Paulson), who claim that the worst is behind us – I can smell you guys! … – Reggie Middleton – seeking alpha

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LESSONS LEARNED FROM MORTGAGE MARKET TURMOIL – James B. Lockhart III – Director, OFHEO  -   thanks Ira Artman

posted by Bill Coppedge