VIDEO: Richard Bitner on Jon Stewart’s Daily Show:  Richard Bitner explains why the risky business of subprime mortgages end up costing the taxpayers money. - The Daily Show

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John Hussman: How the War, Tax Cuts and the Swaps Market Debased the U.S. Financial System - The policies of recent years have indeed been stimulative. But stimulative to what? Primarily to unproductive investment and poor credit. - Hussman Investment Trust 

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How Much of Fannie/Freddie Paper is Held Overseas? - Barry Ritholtz - The Big Picture

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Hamptons House Prices Fall Amid Wall Street’s Decline - Sharon L. Lynch and Laura Marcinek - … Second-quarter sales volume dropped 29 percent and the median price fell 11 percent to $735,000 from a year earlier in the resort communities on the East End of New York’s Long Island, Suffolk Research Service Inc. said  … - Bloomberg
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One Paulson Gets It Right - Robert Lenzner -  John Paulson isn’t using borrowed money to invest this year, and all his funds are up. He sees more pain ahead. -  Forbes

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The Future of Fannie and Freddie - Peter Coy - Colossal and enfeebled, the two mortgage giants are now part of the problem. The case for an extreme makeover - Businessweek 

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Fannie Mae and Freddie Mac Should Be Cut Down and Cut Loose - Cut the government-sponsored behemoths down to size and let the market take care of them - Alan Reynolds - USNews 

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BofA Back Peddles on Countrywide Debt - Could Spell Trouble for Other Banks - MR Mortgage

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Maryland Mandates Major Changes To Foreclosure Steps - Ronald S. Deutsch - … This legislation not only lengthens the timeline to foreclose but also requires at least two attempts at personal service of the first legal (docket) and requires additional notice to homeowners by lenders/servicers. … - MortgageOrb

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interesting - Five Things You Need to Know: Real Estate Isn’t Dead, It’s Just Different - Kevin Depew - MinyanVille

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Hedge Fund Advance on US Fixed-Income Markets Stopped Cold in 2007-2008 (Greenwich Alternative Investments)   - riskcenter.com 
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A safer world? - CME Group to Expand Its OTC Clearing Capabilities to the Interest Rate Swap Market -   PRNewswire-FirstCall 
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Fannie Mae, Freddie Mac May Record More Losses, Ofheo Says - Dawn Kopecki - Bloomberg

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U.S. MONTHLY HOUSE PRICE INDEX DECLINES 0.3 PERCENT FROM APRIL TO MAY - news release 8 pages - OFHEO

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Cost of Bailout of Loan Giants Is Estimated at $25 Billion - thanks Carolyn Coppedge - DAVID M. HERSZENHORN - WASHINGTON — The proposed government rescue of the nation’s two mortgage finance giants will appear on the federal budget as a $25 billion cost to taxpayers, the independent Congressional Budget Office said on Tuesday even though officials conceded that there was no way of really knowing what, if anything, a bailout would cost. - NY Times 

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ResCap Shuffles Executive Team - PAUL JACKSON - housingwire

   posted by Bill Coppedge