VIDEO:  Mr Mortgage on Mortgage Modifications’ video…Banks are being very generous and time may be of the essence - youtube 
————

wow - Excellant rant - Bill Gross - PIMCO’s July 2008 Investment Outlook, “Dear President Obama” by Bill Gross is now available at PIMCO

————

Credit Default Swaps a Potential Litigation Time Bomb - … “However, it is interesting to note that the majority of the big-cap companies that have CDS exposure are rated Very Aggressive by our rating model. I doubt this is merely a coincidence; rather, it is an indication that many of these companies are taking substantial — and often, undisclosed – risk.  … - Research Recap
————

worth reading -  New Demos Report, “Beyond the Mortgage Meltdown,” - A YEAR INTO THE MORTGAGE MELTDOWN, NEW REPORT ANALYZES HOUSING MARKET CRISIS AND FEDERAL RESPONSE - press release        40 page report
————

  May servicer reports on ABX bonds bring more encouraging numbers - The consensus expectation for cumulative losses on subprime mortgages is almost certainly too pessimistic. The May servicer data on the bonds that underlie the ABX, out last week, confirm that view. Tom Brown explains at bankstocks.com 
————

Pick-A-Pay’s Had Its Day - Maurna Desmond -  Forbes 

————
U.S. ABS issuance tumbles to $123.6 bln in H1 2008 - … compared with the robust $652.4 billion sold in the year-ago period, Thomson Reuters said on Monday. … - Reuters

————

Mortgage ruling could shock U.S. banking industry - A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law. - thanks Carolyn Coppedge - Reuters
————

MERRILL’S THAIN FACING GRAVE CONSEQUENCES - MARK DeCAMBRE - Merrill Lynch CEO John Thain could be forced to sell key assets - including the firm’s stakes in Bloomberg and BlackRock - in order to ensure the investment bank weathers the current crisis… - NY Post
————

In the OC, a flood of foreclosures - PAUL JACKSON - … As a percent of all listed homes for sale, distressed properties were 40.1% of the market last week vs. 39.6% two weeks earlier. …- more at housingwire 

————
Fitch: Non-Agency REO Volume Jumps 441 Percent - Paul Jackson - It looks like investors and rating agencies alike are discovering REO, finally.  - housingwire

————

this links to 2 must-read articles - Financial crisis getting worse ? - U.S. banks are now struggling to raise capital, … This shows up in the concessions being made to get deals done … i) stock and rights offerings at substantial discounts to market prices, ii) offerings with ratchet clauses … and iii) Federal Reserve pushing to remove limits on stakes taken by private-equity investors. - Larry MacDonald
————

Adjusted for Increases in Income & Fuel Efficiency, Gas Today is Almost 50% Below Record High - 3 charts and comment - Mark Perry - Cape Diem

   posted by Bill Coppedge