Bad To Own (Bad to the Bone- George Thorogood)  -  as re-written by Russ Middleton at JPMorgan Securtities

On the day I got long, all the Managers gathered ’round.
They gazed at my blunder, and not one made a sound.
The Head Trader spoke up, he said “It’s dropping like a stone!”
They all backed away full knowing, that it was Bad to Own.

Bad,  Bad to own.  Bad,  Bad to own!

My house in the Hamptons, bought it for two point two.
I put in a few hundred more baby, and now I’m through.
My neighbor just got thrown out, it’s now …Real Estate Owned.
Bank offer is one point two honey, It’s just Bad To Own.

Bad,  Bad to own.    Bad,  Bad to own!

My stock options are worthless, I’ve had my last chemical peel.
The bill collectors are in a rush, Repo man took my wheels.
I’m gonna be out on the street, cold and all alone
Just throw a bid on that bond honey, cause - It’s Bad To Own!

(Thanks to Brian Youll for pointing this out.)

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 VIDEO:  Hamptons Foreclosure from WSJ  - $19.5 Million Hamptons Mansion In Foreclosure 

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has slideshow - Used Cars Make A Comeback - Jacqueline Mitchell - Demand for used, fuel-efficient cars is on the rise, driving the prices of these cars up significantly in the past six months. - Forbes 

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Fannie, Freddie commit to buy $50.7 billion in mortgage bonds in May - In May, Fannie Mae’s net commitments were $24.5 billion, down from the $30.7 billion in April, while Freddie’s commitments were at $26.2 billion, … - MarketWatch

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The Case for Commodity Futures - Joëlle Miffre, PhD - … If we look at the observed rally in commodity prices from a purely financial perspective, one can trace it down to six commonly accepted benefits of commodity investing. … has list -  EDHEC-Risk 

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Gross prefers swaps to Tsys under “do-nothing fed” - “Two-year swaps yield 3.73 percent versus 2.83 percent for Treasuries,” Gross told Reuters via e-mail. “With ‘rolldown,’ two-year swaps should return 4-percent-plus under a ‘do-nothing Fed,” he added. - Reuters

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As Freddie Pushes Pedal to the Metal, Fannie Taps the Brakes on Mortgage Investments - Recent data from both mortgage finance giants shows Freddie Mac and Fannie Mae heading in surprisingly different directions, as one ramps up its mortgage investments to a historic level in May…  - Paul Jackson -   housingwire

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More Trouble with Auction Rate Securities (ARS) - has 5 anecdotes - David Kotok - Cumberland Advisors
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FASB Agenda Takes on Global Spin - The American accounting standards setter adjusts its plans in preparation for U.S. switch to international standards. - Tim Reason - CFO.com 
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IndyMac Shares Drop Below $1.00, Time To Unload Financial Freedom? - Reverse Mortgage Daily

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Fed loan to finance Bear Stearns deal goes through - New York Fed lends $28.82 billion, J.P. Morgan comes up with $1.15 billion - Alistair Barr -  The Federal Reserve Bank of New York said Thursday that it has lent almost $29 billion to finance the acquisition of Bear Stearns by J.P. Morgan Chase & Co. ..   - MarketWatch

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Subprime crisis presents M&A opportunities for Canadian banks - Maria Woehr - thanks Carolyn Coppedge -  Dealscape

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IRA ARTMAN SECTION - thanks Ira:

Worksheet - Mortgage toolkit - Use these work sheets, calculators and money-saving tips to guide your mortgage decisions.-  10 questions to ask mortgage lender - BankRate.com 

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42 pages: Subprime Mortgages: What, Where, and to Whom? - Chris Mayer and Karen Pence - We explore the types of data used to characterize risky subprime lending and consider the geographic dispersion of subprime lending.  - Columbia.edu

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The Economy Still Is Inching Forward Despite Strong Headwinds -  Annualized growth of real gross domestic product (GDP) has been running well below trend since late last year, not in typical recession territory but slow enough to result in systematic deterioration of the labor market. This pattern will qualify as an unofficial “growth recession” if it persists for much longer. - NAHB 

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Eveillard expects more bad news - Sue Asci  - While many investors thought the equity market hit bottom in March, the impact of the credit crisis and Federal Reserve interest rate cuts are just beginning to be felt, Jean-Marie Eveillard said … - Investment News 

posted by Bill Coppedge