Regulators owe WaMu shareholders explanation – BILL VIRGIN – … They’re keeping their hopes alive through existing message boards as well as a Web site and campaign organized under an unpleasant name that probably hurts the cause more than helps it — wamurape.org. … – Seattle Post Intelligencer

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Countries Cutting Income Taxes to Remain Competitive – Increased labor mobility is forcing governments around the world to cut income taxes in order to remain competitive in the global economy, according to a new survey by  KPMG. – Research Recap

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Foreclosure-Heavy Ohio Gets New Procedures -  Larry Rothenberg – Ohio’s Substitute House Bill 138, which revises many of the procedures in foreclosure actions, became effective on Sept. 11. The bill originated in response to complaints by cities that purchasers of properties at foreclosure sales were delaying the recording of the sheriff’s deed, making it difficult for the cities to determine to whom notices should be served with regard to building code violations. -  Mortgage Orb

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The Trouble With CPP – Joseph Rosta  – Treasury’s Capital Purchase Program continues to arouse suspicion, dissension, and exasperation. In a stern letter to Treasury Secretary Henry M. Paulson, American Bankers Association president and CEO Edward L. Yingling complained of confusion about the “purpose of the COO in the press and with policy-makers,” and urged that “Treasury and bank regulators clarify the purpose of the program very directly, differentiating the CPP capital program’s function to provide capital to strongly capitalized institutions from programs designed to help failing institutions.” -   U.S. Banker

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JPMorgan Faces `Challenging’ 2009, Rebound in 2010  JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the company faces “highly challenging conditions” next year, while projecting a possible “strong recovery” in 2010 … – Bloomberg
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History Warns Against Foreclosure Moratoria: Study – KELLY CURRAN -  As 2008 is increasingly compared to the 1930’s, it appears the nation is playing ball in the same field as the nation’s greatest depression — scary, but true. A look back to the Great Depression offers evidence that imposing a temporary ban on foreclosures in response to the current financial havoc could impose unintended costs that should be weighed against potential benefits, according to an analysis released Tuesday by the Federal Reserve Bank of St. Louis. – housingwire 

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Banks increase lending for range of customers -  Patrice Hill – … Bank financing for all manner of borrowers jumped nearly $500 billion to $10.06 trillion in the week ending Oct. 22 from September lending levels, the Federal Reserve reported Friday. That amounts to nearly twice the $250 billion of cash infusions that the Treasury is planning to spur lending among banks. … – Washington Times 

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good summary – The challenges facing Obama by Nouriel Roubini – Posted by Prieur du Plessis -   Investment Postcards from Capetown

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Odd Numbers by Zubin Jelveh -  Fed Economists Duel Over Crisis ‘Myths’ – has Zubin’s counterpoints -   portfolio.com

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U.K. – A new taxpayer-owned mega-bank – Robert Peston – The great fear in the City about the Treasury taking stakes in three of our biggest banks is that this partial nationalisation will turn them into non-commercial public services….  So they are putting the shares that will be acquired for taxpayers in Royal Bank of Scotland, HBOS and Lloyds TSB into a new company that will be owned by the Treasury, but will be managed at arms length. – BBC News 

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Quicken Loans Forms Joint Venture With Fortress Investment Group – Fortress Investment Group (NYSE: FIG) and Quicken Loans announced last week that they’ve entered into an exclusive joint venture to help Fortress implement a refinancing and loan modification strategy for its mortgage portfolio and investments.  Fortress acquired more than $12 billion of servicing when it purchased the subprime mortgage banking operations of Centex in … -   Reverse Mortgage Daily 

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GMAC Posts Loss, Says ResCap Mortgage Unit May Fail -  David Mildenberg  -  GMAC LLC, the financing arm of General Motors Corp. gripped by a cash squeeze, posted its fifth straight loss and said its mortgage unit may not survive.   The third-quarter net loss widened to a record $2.52 billion from $1.6 billion a year earlier, the Detroit-based company said in a statement today. – Bloomberg