1.  Freddie Portfolio Expands at 44% Rate in October – Dawn Kopecki – Bloomberg 

2.  Goldman, Morgan Stanley Lead FDIC-Backed Debt Sales – Caroline Salas and John Detrixhe – Goldman Sachs Group Inc. sold $5 billion of notes backed by the government, while Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp. are preparing offerings, as banks take advantage of a new U.S. program to guarantee debt.  – Bloomberg 

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John Rutledge – Which Obama will show up? – … The first Obama we got to know–before he was a candidate–was a healer who talked about bringing Americans together again and getting America to work with other countries to make the world better. The second one–the one we saw during the campaign–spoke to cheering crowds about targeting specific groups (the rich, banks, insurance, big oil, drug companies, Big Business, nonunion workers, outsourcers, or “cheap foreign labor”) for retribution. If the first Obama shows up he could do do enormous good in the US and the world–the world could use some healing. more  at John Rutledge Blog

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1.  Fortes Financial Closing Doors, Reverse Mortgage Business Remains Open – John Yedinak – Fortes Financial announced on its website that it has decided to wind down operations of the company and its divisions as of November 24, 2008. … The company had hoped to leverage opportunities arising form the current mortgage market by acquiring existing mortgage banking companies. … – Reverse Mortgage Daily

2.  Reverse Mortgage Rates – We will likely never see a week like this again. 10-year rates plummeted. In the colored tables below you can see the changes in benefits for the average HECM borrower (a 73-year old in a $250,000 home).  A Treasury HECM+200 will give $5,811 more tomorrow. A HECM+175 will give $197 less … – Reverse Mortgage Daily

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1.  is Bank of America next? – Elinor Comlay – … Analysts at independent research company CreditSights forecast that in a scenario where the commercial and residential real estate markets really tank beyond banks’ expectations, Bank of America would have a Tier-1 capital ratio of 7.15 percent.  … – Reuters 

2.  Stimulus plans centre stage, China slashes rates -  Massive stimulus plans to drive the world out of recession took center stage on Wednesday with Europe considering a more than 130 billion euro boost and China announcing its biggest interest rate cut in a decade. – Reuters

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“Dramatic Rise” in Alt-A Loan Delinquencies May Continue – CreditSights reports a “dramatic rise” in the number of delinquent Alt-A borrowers over the past three months, and anticipates a further increase in delinquencies in these “not-quite prime” mortgages by the end of this year. – Research Recap

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Q4-2008 Core Mortgage Risk Monitor from First American CoreLogic – Projected Q4 Risk Up 12% Over Last Year-Down from Q3’s Year-Over-Year Increase – The Q4 2008 Core Mortgage Risk Index (CMRI) rose 12% from a year ago, down slightly from Q3’s 15% increase year-over-year. The CMRI-which forecasts delinquency risk-nonetheless remains high at 54% above the base period of Q1 2002, a period near the end of the last U.S. economic recession. – has charts and report – thanks Bob Visini 

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‘The Economy Fell off the Cliff’ – George Soros, 78, has made billions as a hedge-fund manager and investor. SPIEGEL spoke with him about the current financial crisis, how he expects President-elect Barack Obama to respond to the economic disaster and the responsibilities borne by speculators. – Spiegel Online

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Federal Reserve announces it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises and mortgage-backed securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae -  Released by the Board of Governors of the Federal Reserve System

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HOME PRICES SLIDE FURTHER IN SUMMER MONTHS; FEW STATES SHOW PRICE GAINS -  FHFA NEWS RELEASE 

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Government Share of Mortgage Apps Soars: Report – PAUL JACKSON – The latest proof on the government’s growing influence in the mortgage banking sector came Tuesday morning from the Mortgage Bankers Association, which said that of all mortgage applications taken during the month of October, 32.9 percent were for government-insured loans — primarily borrowers looking to apply for an FHA-eligible loan, although VA loans are included in the total as well — compared to 10.3 percent one year ago. – housingwire

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Geithner, Summers And Romer – Brian S. Wesbury and Robert Stein – What does the Obama team have in store for us? -   Forbes

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this is good – Video interview with Jeremy Grantham – Posted by Prieur du Plessis  – This post features a television exclusive, with Consuelo Mack of Wealthtrack interviewing Jeremy Grantham on what he sees ahead on the financial horizon. Grantham’s first-ever television interview is must-see viewing material. – Investment Postcards from Capetown
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Fannie Mae names Johnson chief financial officer – WASHINGTON (AP) — Fannie Mae said Tuesday it named David Johnson to serve as the mortgage giant’s chief financial officer and executive vice president, beginning immediately.  Johnson joins the company from Hartford Financial Services Group, where he served as chief financial officer and executive vice president. -  AP Google – (he went from one blown up company to another – BC)

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    IRA ARTMAN SECTION – thanks Ira: 

hard to believe they are celebrating – FDIC Opens Exhibit Celebrating the Agency’s 75-Year History – Press Release

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Ira posted this piece: Is It Safe To Move About The Cabin?    right before Danske Bank published this:  Flash Comment – FOMC: The sound of whirring rotors – Danske Bank