longer than usual today – back from MBA Conference – BC

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Banks Interested in Deal, Paulson Says – Peter Whoriskey – The federal proposal to invest $250 billion in financial institutions has drawn ”interest from a broad group of banks of all sizes,” Treasury Secretary Henry M. Paulson Jr. said – Washington Post
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Credit picture brightens for stronger companies  – As bank-to-bank lending rates gradually slide lower, the credit climate is looking a bit brighter – at least for stronger companies. – … The decrease in Libor has helped ease some of the demand for Treasury bills, considered the ultimate safe asset. … – AP Baltimore Sun
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Bernanke warms to second stimulus plan – Emily Kaiser and Mark Felsenthal – Federal Reserve Chairman Ben Bernanke told Congress on Monday that another wave of government spending may be needed as the economy limps through what could be an extended period of subpar growth. – Reuters

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NY Times Editorial About Foreclosures Impacting Older Americans – Over the weekend, New York Times columnist Bob Herbert wrote about how foreclosures are impacting older Americans. Herbert cites a recent AARP Public Policy research report that breaks new ground in quantifying mortgage delinquencies by age group. The study concludes that Americans over age 50 represented 28 percent of all mortgage delinquencies and foreclosures … – Reverse Mortgage Daily

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In this issue of The Institutional Risk Analyst, we ponder what the next Treasury Secretary should do with Citigroup (NYSE:C), JPMorgan (NYSE:JPM) and Bank of America (NYSE:BAC), as and when the government takes full control of these money centers next year.  – by Christopher Whalen
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Where is My Swap Line? – by Brad Setser – … Brad Setser, an analyst who writes a blog for the Council on Foreign Relations, ask some very interesting questions and points out some big holes in the world economic landscape. If you can’t get dollars what does that do to your currency? This contributes to the rise in the dollar against some emerging market currencies. Setser asks: “Where is my swap line? And will the diffusion of financial power Balkanize the global response to a broadening crisis?” …  – John Mauldin’s Outside the Box E-Letter 
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SunTrust Mortgage ranked Highest in Overall Customer Satisfaction by J.D. Power and Associates in 2008 Primary Mortgage Origination Study  – MarketWatch 
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Worse Than You Think – What Went Wrong at Fannie and Freddie–and What Still Might – Peter J. Wallison  – AEI.org 
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Wow – Argentina Makes Grab for Pensions Amid Crisis – … Argentina’s leftist government has seemingly found a novel way to find the money to stay afloat: cracking open the piggybank of the nation’s private pension system.  The government proposed to nationalize the private pensions, which would provide it with much of the cash it needs to meet debt payments and avoid a second default this decade. … – Wall Street Jorunal
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MBA To Push for Boost to Conforming Loan Limit – With the economy languishing and mortgage lending withering, the Mortgage Bankers Association is readying for a lobbying push to increase the conforming loan limit across to board to $625,000. Garry Cipponeri, senior vice president of Chase Home Finance LLC and head of the MBA’s capital markets committee, made remarks about the pending proposal in a private interview with Bloomberg News Monday… – housingwire

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The Street Version Of Financial Reform – Brian Wingfield – As Congress begins to explore regulatory change, banking groups are gearing up to make sure their agenda is heard. – Forbes
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Making quick sense of the crisis – thanks David Smith – Very Short List 
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Financial crisis has culled worst US institutions: Bank of NY CEO – FRANKFURT (AFP) — The financial crisis has provided a needed culling of weak US financial institutions and mortgage giants Fannie Mae and Freddie Mac should bow out in turn, a top New York banker said Tuesday.  “What I like about where we are now is that the worst players, the institutions that were the most exposed to the mortgage crisis and the subprime crisis, are now gone,” Bank of New York Mellon chief executive Robert Kelly told a dinner sponsored by the American Chamber of Commerce in Germany. 
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Financial Freedom Becomes Exclusive Reverse Mortgage Provider For VFW – … announced that it has formed an alliance with the Veterans of Foreign Wars (VFW) to become the exclusive provider of  reverse mortgages for its qualified members. – Reverse Mortgage Daily 
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In The Year 2010: C.D.O. Edition – In another installment of the series called “In The Year 2010″ I will sit here and guess what will be going on by the end of 2010 with respect to various products. (Inspired by the Conan O’Brian skit “In The Year 2000″). This is a thought experiment, nothing more. – Dear John Thain
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California housing sales continue to grow – Posted by Tim Plaehn – September sales for the Sacramento region and southern California continued to show strong increases. I have been providing regular monthly updates on this site concerning the sales results for the Sacramento region with occasional data on the rest of California and Nevada. For September the region did not follow the usual seasonal slowdown at the end of summer and sales continued to increase. – Investing Thoughts

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Moody’s Analytics Adds Daily Pricing on Mortgage-Backed Securities to its Fixed Income Pricing Service; Announces Partnership with Andrew Kalotay Associates and eMBS to Provide Comprehensive Coverage of Fixed-Rate Agency MBS Market – thanks Ki Fu – Kalotay Associates

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Research Primer: Credit Default Swaps Regulation -  CreditSights has put together a useful Q&A on the issues surrounding the alternatives for regulating credit default swaps and other over-the-counter financial instruments in the wake of the credit crisis they helped fuel. – Research Recap
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Two premier providers in the mortgage industry are joining forces -  MIAC and NYLX join forces to set the standard for best practices in risk management and best execution. – Press release  MIAC Analytics

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FED SECTION:

Federal Reserve announces the creation of the Money Market Investor Funding Facility (MMIFF) – FR Board
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Federal Reserve approves final amendments to Regulation C that revise the rules for reporting price information on higher-priced mortgage loans – FR Board

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Board issues statement concerning its approval of the proposal by Wells Fargo and Company to acquire Wachovia Corporation – FR Board