VIDEO The Mother of all bailouts: Ron Paul on the Housing Bill – In case you did not know, the housing bill will give the IRS the power to look at all of your credit card transactions – another loss of freedom – youtube

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BULLET POINT SUMMARY  – Provisions of housing-mortgage relief bill – The Associated Press – Google

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Why wasn’t IndyMac on FDIC problem list? - Kathleen Pender – … However, 96 percent of the banks that failed between 1990 and 2002 were first on the problem list, according to an FDIC study.  Why wasn’t IndyMac?  FDIC spokesman David Barr said it wasn’t on the list because the Office of Thrift Supervision, IndyMac’s primary regulator, didn’t put it there. … – SF Gate 
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News Flash: Major Market Turns Not Announced In Advance  – If you’re waiting for a ‘catalyst’ for the financials, get ready to miss the bulk of the move higher – Tom Brown – bankstocks.com 
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Housing bill offers limited foreclosure relief – Fannie, Freddie reform overshadows move to help homeowners – John W. Schoen – MSNBC
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PIMCO’s August 2008 Investment Outlook, “Mooooooo!” by Bill Gross is now available at PIMCO

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TALKS ABOUT SEASONED SECURITIZATIONS: Fitch Updates Ratings Model; Projects Steep Housing Price Declines – Paul Jackson – Fitch Ratings said Thursday that it had enhanced its U.S. residential mortgage loss model, called ResiLogic, a key component of the agency’s overall approach to assessing U.S. RMBS new-issue ratings. It also said it expects homes prices to fall over the next five years, too… - housingwire

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Fannie and Freddie’s New Worry: Exec Pay – Federal lawmakers target “excessive” salaries and bonuses, even though there’s a big management job ahead for the two troubled lenders. – Roy Harris – CFO.com
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BLACKSTONE SEES GREEN FROM SUBPRIME LOAN$ – KAJA WHITEHOUSE – … And now, The Post has learned, it has set aside $1.25B to do this through a partnership with Florida firm Bayview Financial. … – NY Post

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House Passes FHA Reform, Reverse Mortgage Amendments Included – has good summary – Reverse Mortgage Daily

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Foreclosures Double in Second Quarter as U.S. Home Prices Fall – Bob Ivry – … One in every 171 U.S. homeowners lost their house to foreclosure, received a default notice or was warned of a pending auction, an increase of 121 percent from a year earlier and a 14 percent rise from the first quarter, RealtyTrac Inc. said  … – Bloomberg

   posted by Bill Coppedge