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No Subprime Crisis For U.S. Life Insurers, Fitch Says - Amid ongoing nervous over just how far the subprime credit crisis will reach, Fitch Ratings said U.S. life insurers, while not “immune,” have limited subprime exposure and therefore are likely to come through the turmoil relatively unscathed. - Reuters

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read this - After Foreclosure, a Big Tax Bill From the I.R.S. - NY Times

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good explanation - First Magnus: Boom to bust in three weeks - Arizona Star

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Housing Goes Cold Turkey - David Wyss, Ph.D., Chief Economist - thanks Ira Artman - rydex S&P

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The Fed’s Dramatic Shift - Liz Moyer - Largely symbolic rate cut sends shivers of confidence through the banking sector. - Forbes

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NDR CCI Measures Key Trend: Credit Conditions - Ned Davis Research announced a new index last week - one that seems especially timely given the current developments in the market. The NDR Credit Conditions Index (CCI) is designed to measure the cost and availability of credit. - thanks Ira Artman - indexuniverse

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Pain Section:

1. Capital One Slams Door on GreenPoint Mortgage - after-tax charge of $860M - press release
2. Friedman Billings Unloads $4.95 Billion in Mortgage-Backed Securities - press release
3. Thornburg Loses $930 Million in Debt Fire Sale - AP Forbes

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3 things Barney Frank wants in subprime regulation - Paul.Kedrosky.com

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John Crudele compares credit card debt to mortgage debt - interesting - NY Post

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Sally Limantour - … In addition, there are clear signs that the pain is spreading from hedge funds to banks. Citigroup (C) and JPMorgan Chase (JPM), for example, have guaranteed more than $90 bln of liquidity, or about 5 or 6% of their total assets, according to a recent Banc of America (BAC) Securities report. State Street, a custody bank, guaranteed about $29 bln, or 23% of its total assets. - minyanville

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How Missed Signs Contributed to a Mortgage Meltdown - thanks Ira Artman - IHT.com

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about non conspicuous consumption in Nebraska - Corn Belt Gets Rich, Quietly - Chicago Daily Herald

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OTS regulator says watching Countrywide very closely - and has had a consistent onsite examination presence at the California company since it converted to a thrift charter in March 2007, an OTS spokesman said … Reuters

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Average U.S. income down 1% between 2000 and 2005 - Average U.S. incomes remained below their peak for the fifth straight year in 2005, according to new data … NY Times

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worth reading - De-Leveraging America - about discount window use - … First, the lead unit of JPMorgan Chase (NYSE:JPM) is now domiciled on Polaris Parkway in Cleveland, OH, so if you see a sudden surge in window activity in Chicago, don’t assume it’s a local bank gone bust. …. Likewise the lead unit of Citigroup (NYSE:C) is now domiciled on Paradise Road in Las Vegas, NV, so any surge in window activity at the San Francisco Fed should not necessarily be attributed to a local institution. … Institutional Risk Analyst

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Quick Arm reset chart on Roger Nesbaum’s blog - randomroger.blogspot.com