Moody’s highlights risks of potential counterparty failure - A new report from Moody’s Investors Service explains that the biggest systemic risk to the $62 trillion credit-derivatives market is not its size and complexity, but the potential failure of a large securities firm or investment bank that is acting as a counterparty. A bank collapse could damage the operational integrity and pricing in the credit-default-swap market. - SIFMA Smartbrief 

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3 from Michael Shedlock at Global Economic Analysis:
1.  Bring On The Alt-A Downgrades - has update for WMALT 2007-OC1 

2.  Bankruptcy Reform Act Finally Blows Sky High - significant ruling on Nat City stated HELOC

3.  Telling Rift Over Fed Lending Facility - In mid-September the Fed is placing new restrictions on the Primary Dealer Credit Facility, a swap-o-rama with broker dealers as opposed to banks. - Michael Shedlock - globaleconomicanalysis

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Different looks at housing supply - includes New home building, Finance forclosure homes, Motivated sellers, Unmotivated sellers - interesting - Tim Plaehn - Investing Thoughts

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has list - The Costanza Energy Policy: How to Drive Oil to $150 - … for the past 3 decades, we’ve had a George Costanza Energy policy – every decision we have made as a country has worked to drive energy prices higher.  … - Barry Ritholz - The Big Picture

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Residential Building Permits Plunge 50%. - Crains NY Business

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Bear Stearns wipeout signals sea change - The brokerage firm’s sale is an early step in a sweeping financial sector makeover. - Fortune - CNN Money

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WHAT’S UP WITH OIL? - DeKaser’s Financial Market Outlook” - NAT CITY 

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Housing Affordabilty Remains High in April - … A composite HAI of 129.4 means that a family earning the median family income in April ($60,185) had 129.4%% of the income necessary to qualify for a conventional loan (at 6.03%) covering 80% of a median-priced existing single-family home in April ($200,700).  … - Mark Perry - Carpe Diem
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LIBOR Mess Promises to Squeeze ARM Borrowers -  An international uproar over allegations that some banks intentionally manipulated LIBOR, a key interest rate used to determine rate adjustments for many adjustable-rate mortgage… -  housingwire

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Genworth steps up mortgage workouts to ease claims - … it and loan servicing companies increased “workouts” for troubled borrowers by 30 percent last quarter versus a year ago in an effort to reduce the number of claims.  … - Reuters
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Chart of the Day: It Could Be Worse. A Lot Worse - In terms of inflation, the last 25 years since 1983 has been the most stable period in the last 200 years.  - Mark Perry - Carpe Diem

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IRA ARTMAN SECTION - thanks Ira:

KBW: Yes, We Have a Recession. We Have a Recession Today. -  U.S. Banker

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The Hidden Costs of Payday Lending, by Don Baylor - Univ of Texas 
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interesting presentation - Sailing in Heavy Weather - Watching the Barometer - … Increase in capital gains and dividend taxes from 15% to 24% decreases the value of stocks and real estate by 11% overnight. … - Mark G. Dotzour, Chief Economist - Real Estate Center Texas A&M

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new housing finance portal - by IFC and IBRD, members of the World Bank Group, and the Wharton School of the University of Pennsylvania -  wharton.upenn.edu     Resources     Summaries only   

posted by Bill Coppedge