New Overdue Home Loans Swamp Effort to Fix Mortgages in Default - Josh P. Hamilton and Bob Ivry - Bloomberg
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CRA update: Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies - The criteria used to designate these areas are available on the Federal Financial Institutions Examination Council (FFIEC) website  -  OTS Press Release

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How To Pay For That Housing Bill - Joshua Zumbrun -  Diverting funds from Fannie and Freddie will lower costs, but big risks remain. - Forbes

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worth reading - “Crude Awakening: Behind the Surge in Oil Prices” - Economic Letter - FRB Dallas
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What JPMorgan Didn’t Get: Lone Star Picks Up Bear Res - PAUL JACKSON - … The move by Lone Star certainly will raise eyebrows among those in the industry — not only because it appears to be setting up Bear Res separately from Accredited’s own operation, but also because it appears to be building a separate captive servicing platform as well. … - housingwire

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When the ‘Silver Tsunami’ Fails to Hit - Kevin P. Coyne and Shawn T. Coyne  -  The Coyne Partnership disputes claims of an impending deluge of retiring baby boomers, and explains how the trcduth could affect your business -  BusinessWeek

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(It’s not just LIBOR): CDS Spreads Went Crazy Too, Don’t Forget The WSJ tries and fails to show that big banks are fudging their interbank borrowing rates - Tom Brown - bankstocks.com 

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WaMu drops to nearly $9 a share - Stock’s closing price registers as lowest since April 1995 - … Instead, the stock price may be reacting to general perceptions about the economy and the housing finance market, and how much longer problems will persist … - Seattle PI

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MetLife Bank Completes Acquisition of EverBank Reverse Mortgage LLC -  Business Wire

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Cash-outs’ up foreclosures - Bay State homeowners who’ve lost properties in the foreclosure crisis usually started out with “prime” mortgages but apparently did “cash-out” refinancings and ended up in subprime loans, new research shows. - Boston Herald

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The Problem with the Euro - Last week I wrote that we could see a drop in the price of oil as speculators seemed to be storing oil in very large tankers and “slow steaming” them to port … When everyone is on the same side of the trade, the time is right for a reversal. … .perhaps even more ominous problems for commodities in general, at least in the short run. The new turn our attention to the euro. -  John Mauldin’s Weekly E-Letter 

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Bill King: Citadel Nabs JPMorgan Securities Whiz - Markets Media 

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IRA ARTMAN SECTION - thanks Ira :

Demographia International Housing Affordability Survey: 2008 - Ratings for Major Urban Markets - Australia, Canada, Republic of Ireland, New Zealand, United Kingdom, United States - 52 pages demographia.com 

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Try this out on your town - totally cool - TRULIA Snapshot 

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The Great Credit Squeeze: How It Happened, How to Prevent Another - Sheila Bair, Douglas W. Elmendorf, Martin Neil Baily and Robert E. Litan - has paper and video - Brookings

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interactive housing graphic at NYTimes - Home Prices Across the Nation - NYTimes 

posted by Bill Coppedge