Mortgage REIT ETFs, New Kind of Run, Manhattan Apartments, Better Keep Paying, Denial, 1998 vs. Now, Oxford’s Opportunity, FC and Price Drops, Feds Announces Subprime Changes, HomeBanc, DBRS, Big Chill, Thornburg, Countrywide, Lehman, Sentinel

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ETF INVESTING - Mortgage REIT fund smacked by credit woes - ETF launched into teeth of mortgage-market tumult sheds 40% from peak thanks bondheads - MarkeWatch

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A New Kind of Bank Run Tests Old Safeguards - … But a new financial architecture emerged in the last decade — one that relied more on securities and less on banks as intermediaries. With the worth of those securities now being questioned — and no equivalent of deposit insurance — some who financed the securities want their money out, a fact that has created the 21st-century equivalent of a run on a bank. - NY Times

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Cracks may appear in Manhattan apartment market - Reuters - Yahoo

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Is Your Mortgage in Trouble? - Your lender may have disappeared but (sorry) your mortgage isn’t going to. Here’s what does happen—and why you should worry - BusinessWeek

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Are We Living in Subprime Denial? - by Markham Lee … alt-a lenders are experiencing the same problems the subprime lenders had in March, and 1 in 3 homeowners whose initial teaser rate on their ARMs was under 4% will probably go into foreclosure, a fact that crosses all types of borrowers. seeking alpha

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What the Fed Did in 1998 and What is Different Now - by Asha Bangalore - Northern Trust Global Economic Research - John Mauldin’s Outside the Box E-Letter

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Where Some See ‘Mortgage Crisis,’ Others See (Sub) Prime Opportunity - An interesting press release today from Oxford Funding Corp., who specializes in the bulk purchase of sub- or non-performing mortgage portfolios - housingwire

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Foreclosures May Spur Price Drops “Major lenders are repossessing homes in Southern California much faster than they can sell them… [Eventually,] lenders’ inventories will grow so large that they will have… to start aggressively cutting prices, many agents and analysts predict. That… will put more pressure on individual sellers, who will have to reduce their own prices if they want to find a buyer - LA Times

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1. Federal Financial Regulators Propose Illustrations of Consumer Information to Support Their Statement on Subprime Mortgage Lending - … proposed illustrations of consumer information for certain adjustable-rate mortgage (ARM) products described in the agencies’ Statement on Subprime Mortgage Lending (Subprime Statement)… The illustrations consist of (1) an explanation of some key features and risks that the Subprime Statement identifies, including payment shock, and (2) a chart that shows the potential consequences of payment shock in a concrete, readily understandable manner. Joint Release OCC, Fed, FDIC, OTS, NCUA
2. has chart showing changes - Closing the Barn Door on Sub-Prime ARM Mortgages - Barry Ritholtz submits: To be filed under “Better-Late-Than-Never” regulatory actions: The Federal Reserve is considering the following changes in Sub-Prime lending disclosures - seeking alpha

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JPMorgan Chase Pressures Failed Lender - … JPMorgan Chase-which, along with the other banks in the syndicate, underwrote $68 million in operating loans for HomeBanc. - Delaware Online
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DBRS Issues Report: “Review Services for the Secondary Mortgage Market” - thanks Marty R - A copy of this commentary is available at www.dbrs.com.

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Subprime Loans’ Big Chill: Freeze Hits Buyers With Good Credit, Wall St. - Boston Herald

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1. Thornburg Mortgage’s ‘Unprecedented’ Moratorium on Locking - seeking alpha http://financial.seekingalpha.com/article/44483?source=i_email&u=44029

2. In the Crosshairs : Thornburg Mortgage - housingwire

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always an intersting read … Countrywide Reports July 2007 Operational Results - MoneyCnn

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Lehman Avoids Headlines, but Takes Hit - Forbes

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1. The Situation at Sentinel Management Group - a frozen $1.5 bln “money market like” fund - globaleconomicanalysis
2. More on Sentinel - This Is (Potentially) Huge: Sentinel’s Troubles Could Spread - seeking alpha