Speed of price correction is ‘almost unprecedented’ - USC economists present some bad news, some better news - Glenn Roberts Jr. - Inman News 

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Martin T. Sosnoff - The credit and housing crises need to get worse before the economy can get better. - Forbes 

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Is Countrywide’s Angelo Mozilo Hall of Fame material? - Richard Bitner - I don’t know if Angelo Mozilo knows the difference between a curve ball and a split-finger, but given that his 40-year reign as the head of Countrywide Financial is coming to an end, it seems appropriate to reflect on his career as well as his legacy.  - housingwire

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Foreclosure fishing? Read this first - Make sure your eyes are wide open, be prepared to do plenty of legwork and realize that the hard work is still ahead- MARY ELLEN PODMOLIK - “Every call we get is for a 203k,” said Stephanie Sowell, a renovation specialist at Wells Fargo Bank in Chicago. “Since the depression in the real estate … - Chicago Tribune 

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HAS VIDEO TOO - The Housing Abyss - Why the worst may be yet to come as forces battering the market gain strength. And the remedy coming from Congress? It’s likely to fall short of the mark - Peter Coy and Mara Der Hovanesian - BusinessWeek

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Homes Less Affordable as Prices Fall, Rates Rise, Zillow Says - Sharon L. Lynch - Bloomberg 

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Analyst sees 10 million fewer cars by 2012 - John Wilen - ASSOCIATED PRESS - San Diego UT

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CAROLINE BAUM - Fed Should Run Policy, Outsource Communications - Wouldn’t it be nice to read the headline, “Fed Does Nothing, Says Same Old Thing”? - Bloomberg

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The Fed’s Dilemma  - By John H. Makin -  ECONOMIC OUTLOOK - AEI Online 

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Current Growth in Money and Credit Aggregates Not Fueling Inflation - Paul Kasriel -   Northern Trust

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Fed Lays Groundwork to Increase Rates, If Needed: John M. Berry - Bloomberg

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Delinquencies Rise at Fannie Mae, Freddie Mac - David S. Hilzenrath -  … Neither company’s figures fully captured the problems borrowers have had making payments, because they excluded loans for which payment terms had been relaxed.  … - Washington Post

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At Countrywide’s End, an Emotional CEO - During the last shareholder meeting, Angelo Mozilo emphasizes past accomplishments but doesn’t sugarcoat the sale to BofA - Christopher Palmeri - BusinessWeek

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Demand for bigger jumbo mortgages is slow to materialize - … But the Chicago area didn’t make the list of almost 100 places designated by the Department of Housing and Urban Development as high cost.  As of June 26, the average rate on a 30-year fixed jumbo rate in Chicago was 7.36 percent, according to Bankrate.com. That’s about 1 percent above conforming loan rates. … - Chicago Tribune 

posted by Bill Coppedge