A Monumental Petro-Wealth Transfer - Stephen Jen -  We are witnessing a monumental transfer of wealth to oil exporters, which may last beyond our generation.  There will be important geopolitical and security implications.  In this note, we highlight some of the economic and financial implications of this wealth transfer.  - Morgan Stanley
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SoCal Home Prices Plunge 27% in May - Nicholas Yuliko - … Wachovia’s new model for predicting defaults, which it unveiled in the first quarter, uses OFHEO home price data as an input … Wachovia’s loss estimates for its California loans assume prices will fall 14% from their peak levels, with 7.6% of that decline already occurring through the first quarter. … - TheStreet.com
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RateSpeed rolls out mortgage pricing tool - Widget can be embedded in any site - Matt Carter - Inman News

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wanna get scared? well written - The Road To Revulsion by James Montier - John Mauldin’s Outside the Box E-Letter 

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Oil Outperforming Oil Stocks - Below we highlight the ratio of oil stocks to the price of oil.  This ratio divides the price of oil into the price of the S&P 500 Oil&Gas sector that has been around since 1989. - Bespoke Investment Group 

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about Hope Now Alliance - New Industry Guidelines To Help Struggling Homeowners - WallStreetPit.com 

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U.S. Housing Starts Drop to Lowest Level in 17 Years - Courtney Schlisserman - Bloomberg

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Bonds Beat Brownstones as New York Real Estate Cools: Joe Mysak - Bloomberg 

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A Study of Closing Costs for FHA Mortgages - Susan Woodward  - has summary and paper - Urban Institute - knowledgeplex
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How Hard Does CA Hit the 2nd Liens? - Reggie Middleton - This is a little anecdotal, non-scientific snapshot of the returns 2nd lien lenders can expect in the San Diego Foreclosure market. -  safehaven 
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What Goes Down, Must Come Up? - Interest rates might rise soon. - Irwin M. Stelzer - Daily Standard 
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has 26 pictures - The Real O.C. - Foreclosures - post by CalculatedRisk - O.C. Register photographer Eugene Garcia takes us on a tour of foreclosed homes in the O.C.: The real foreclosures of Orange County    -  thanks Calculated Risk

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Goldman Beats Lowered Street Expectations, Looking Towards Distressed Mortgages - .. Perhaps more interestingly, Viniar signaled that Goldman will be looking to compete with more than 400 hedge funds and institutional investors now piling into the distressed mortgage space.  … - Amy McAlister - housingwire

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RPX Sees Trading Volume Exceed One Billion Dollars - It took far less than one year for trading volume in a new real property index favored by many a hedge fund to the one billion dollar threshold. And, no, it isn’t the Case-Shiller futures… - Paul Jackson - Housingwire 

posted by Bill Coppedge