Fitch Downgrades, TAF 2, Bill Gross, MBIA, Insurers, DR. Seuss on CDOs

has a list - Friday Night Lights Out - Keeping up with the downgrades on various RMBS deals is turning into a full time job. Here’s a list of the downgrades issued tonight by Fitch alone — remember, these are the downgrades issued just in one night at one rating agency.  -  housingwire 

———-
1.  Federal Reserve announces results of auction of $20 billion in 35-day credit held on December 20, 2007  -  FED  
2.  Federal Reserve intends to continue TAF auctions as necessary  -  FED 

————
Bill Gross: U.S. Already in Recession   -  Pimco founder Bill Gross told the Financial Times Friday that he believes a U.S. recession recently got underway. -  seeking alpha 

————
MBIA Admits $30.6 Billion CDO Exposure -  … The question at hand is not whether MBIA is “AAA” or “AA” but whether or not MBIA is complete junk.  … -  globaleconomicanalysis

————
Bond insurer defaults threaten big banks -  Downgrades of bond insurers like ACA could have damaging ripple effects throught the financial system.  -  Fortune.com 

————
Dr Seuss on CDOs -  A PDF file entitled “Dr Seuss on CDOs” has been doing the email rounds today. The text can be found over at the WSJ’s economics blog, but it’s worth reading the piec