VIDEO: Peter Schiff 2006 Mortgage Bankers Speech    -  Early Doom and Gloom – Later Proven Accurate .. Nov 2006 – Peter says – It is interesting to note that the Mortgage Broker Conference has not invited me back since. Perhaps, my views could be tolerated when they could be dismissed as wild speculation, but not so much now that they would play as an “I told you so.” On the other hand, it’s possible that given the state of the market, mortgage brokers no longer stage lavish conventions in Las Vegas.  – Europac.net

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Two Fed myths that need debunking – Bernanke & Co. do not set interest rates, and they’re not about to run out of money for bailouts. – Allan Sloan – thanks Patty Gong – Fortune CNN

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California mortgage defaults up 125% - DataQuick: Activity may be ‘nearing a plateau’ – … Most of the loans that went into default last quarter were originated between September 2005 and November 2006. The median age was 26 months, up from 16 months a year earlier. … – Inman News

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John Paulson starting fund to invest in financials hit by mortgage writedowns – … Paulson aims to open the fund by December, according to two people with knowledge of the matter. His New York-based Paulson & Co. hasn’t set a fund-raising target, said the people, who declined to be identified because the plans aren’t complete. … – thanks Carolyn Coppedge – The Deal

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House Expected To Sign Housing Bill This Week, Reverse Mortgages Could Get Higher Loan Limits & More – Reverse Mortgage Daily

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pix washpost and washbiz   Mortgage Bankers Association Replaces President – Jeffrey H. Birnbaum – … Jonathan L. Kempner, 57, who has been the association’s president since 2001, said he would step down at the end of the year. He will be succeeded by John A. Courson … – Washington Post

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Tom Brown wrote a blog article   about the bottom being near in financial stocks.  The reader reaction is great.  – bankstocks.com

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Housing Bill Adds Second Lien Amendment; DAPs to Be Eliminated – Paul Jackson – A housing bill expected to be passed by the House of Representatives Wednesday added an important amendment designed to help troubled homeowners with piggyback second liens refinance into an FHA-insured loans, while House lawmakers agreed to Senate provisions that would eliminate controversial down-payment assistance programs… – housingwire

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If you believe in technical analysis, this is a great interview:  Louise Yamada: Bearing Up – Prieur du Plessis – Investment Postcards from Cape Town 

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Lenders stick listing (RE) agents with REO liabilities – Complex listing agreements often favor banks -  Matt Carter – Inman News

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about banks and securitization – Commentary – Compensation That’s Dangerously High – Peter Morici – Forbes

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Cramer: Housing Bill to Move Builders, Banks – The housing bill is a huge deal. I don’t think people realize how big. Besides saving Fannie and Freddie through the big losses — perhaps to the … – TheStreet.com 

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City sues bank to stop foreclosures – Marty Graham - SAN DIEGO’S city attorney has filed a lawsuit against Bank of America and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in the city, which he aims to make a “foreclosure sanctuary.”  – Reuters news.com.au

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This Can’t Be Helping Real Estate – Bankrate.com’s 30-year average US fixed mortgage rate was at 6.5% yesterday, which is the highest it has been since April 2002.  New highs for rates can’t be tempting potential home buyers to pull the trigger. – Bespoke Investment Group -  has other charts

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Gas Prices Shift Demand Back to the Urban Core – We believe that there is going to be a tremendous shift back to urban areas, led by those who bought homes in the outlying areas who lose their home to foreclosure. They will choose to rent near work to save money. – thanks Ira Artman – John Burns RE Consulting

   posted by Bill Coppedge