Headlines...

NEW -> Contingent Buyer Assistance Program
<p><a href="http://calculatedrisk.blogspot.com/2008/03/land-at-15-cents-on-dollar.html">Land $0.15 on the dollar.</a> </p>

<p>CR confirms IR's opinion (eh, and mine too), that builders will sell land just to get rid of it.</p>

<p><em>Last night I spoke with a land developer. He just purchased improved land in SoCal (update: Inland Empire) for $0.15 on the dollar from a homebuilder (builder's total cost). The deal closed Friday. The purchase price was <strong>less than half</strong> the cost of just the improvements (grading, streets, etc)!





The deal has no leverage, and the buyers are hoping to sell in 3 to 5 years to another homebuilder. They can wait much longer if necessary. The other details (like buyer and seller) are confidential.





This is an important step. The homebuilders are finally starting to liquidate surplus land at prices that are attractive to "vulture funds", and this potential inventory is also being removed from the market.





I expect to see many similar deals this year as the homebuilders, and their lenders, struggle to survive.</em></p>

<p>I agree, and I expect to see many more deals just like this. All I have to add is... got cash?</p>
 
<p>Food Stamp Use at Record Pace as Jobs Vanish </p>

<p><a href="http://www.nytimes.com/2008/03/31/us/31foodstamps.html?hp=&adxnnl=1&adxnnlx=1206947272-GhjJi0HmApQj8aEgmhscAw">http://www.nytimes.com/2008/03/31/us/31foodstamps.html?hp=&adxnnl=1&adxnnlx=1206947272-GhjJi0HmApQj8aEgmhscAw</a></p>

<p>One example is Michigan, where one in eight residents now receives food stamps. “Our caseload has more than doubled since 2000, and we’re at an all-time record level,” said Maureen Sorbet, spokeswoman for the Michigan Department of Human Services. </p>
 
<a href="http://economistsview.typepad.com/economistsview/2008/03/interest-rate-r.html">It isn't the rates, it's the prices</a>.


<a href="http://economistsview.typepad.com/economistsview/2008/03/adverse-selecti.html">


And, further discussion</a>.
 
<p><a href="http://www.pimco.com/LeftNav/Featured+Market+Commentary/FF/2008/GCB+Focus+March+2008.htm">http://www.pimco.com/LeftNav/Featured+Market+Commentary/FF/2008/GCB+Focus+March+2008.htm</a></p>

<p>"You’re going to provide a handout to the fool. The fool is going to be rewarded and I, the taxpayer, will be put at risk at the margin for that handout to the fool. When all I did was exactly what I was supposed to do. Where is the fairness here? It’s a hard question to answer."


</p>
 
<p><a href="http://lansner.freedomblogging.com/2008/03/31/oc-fixed-rate-home-buys-near-6-year-high/">http://lansner.freedomblogging.com/2008/03/31/oc-fixed-rate-home-buys-near-6-year-high/</a></p>

<p><img alt="" src="http://lansner.freedomblogging.com/files/2008/03/blog-fixed208.png" /></p>
 
<p><a href="http://piggington.com/january_case_shiller_hpi">http://piggington.com/january_case_shiller_hpi</a></p>

<p><img alt="" src="http://piggington.com/images/jan08hpitiers.gif" /></p>

<p> <img alt="" src="http://piggington.com/images/jan08hpitierslt.gif" /></p>
 
50% off "un-auction"





<a href="http://drhortonunauction.com/">DR Horton UnAuction - It's unlike any sale you've ever seen. March29th and 30th Only!</a>
 
<p><a href="http://www.nytimes.com/2008/03/31/washington/31cnd-jackson.html?_r=1&ref=business&oref=slogin">Top U.S. Housing Official Resigns</a> </p>

<p>WASHINGTON — Housing secretary Alphonso R. Jackson resigned on Monday, saying that he needed to devote more time to his family. The announcement came as federal authorities were investigating whether he had given lucrative housing contracts in the Virgin Islands and New Orleans to friends...</p>

<p><a href="http://www.nytimes.com/aponline/us/AP-HUD-Chief-Statement-Text.html?ref=washington">Resignation Letter</a></p>
 
<p>Interesting article about the impact of the collapse of the mortgage business in the O.C.</p>

<p><strong>Careers vanish after subprime 'free fall'</strong></p>

<p><a href="http://money.cnn.com/2008/03/31/news/economy/copes/index.htm?postversion=2008033105">http://money.cnn.com/2008/03/31/news/economy/copes/index.htm?postversion=2008033105</a></p>

<p> </p>
 
<p><strong><a href="http://www.ft.com/cms/s/0/10f40df2-fea5-11dc-9e04-000077b07658,dwp_uuid=a36d4c40-fb42-11dc-8c3e-000077b07658.html">Iceland counters alleged attacks</a></strong></p>

<p>"Iceland’s Financial Supervisory Authority has begun an official investigation into alleged speculative attacks by international hedge funds on the country’s currency and stock market, according to people close to the probe.</p>

<p>Simultaneously, Kaupthing, one of Iceland’s leading banks, is <strong>considering legal action against Bear Stearns</strong>, the troubled US bank, for the role it played in a trip to Iceland by a group of hedge funds last January.</p>

<p>The double moves highlight Iceland’s exasperation with the alleged role professional international investors are playing in undermining its currency, the krona, and its stock market.</p>

<p>They also reveal that, having tried to educate international investors about Iceland’s economy with road shows and presentations, the authorities are to step up their response and fight fire with fire, people close to the situation said. Iceland’s economy has grown rapidly and this expansion has created macroeconomic imbalances such as a current account deficit of 16 per cent of GDP in 2007 and annual inflation of 8.7 per cent in March, above the central bank’s 2.5 per cent target.</p>

<p>These factors, alongside the aggressive use of leverage by its main banks, have undermined investor confidence, sending stocks lower, depreciating the currency and stoking inflation... <em>Financial Times, 3/30</em></p>

<p><a href="http://www.ft.com/cms/s/162ac164-fb6a-11dc-8c3e-000077b07658,dwp_uuid=a36d4c40-fb42-11dc-8c3e-000077b07658.html"><img class="thumbnail" alt="Iceland" src="http://media.ft.com/cms/698607b0-4499-11d8-81c6-0820abe49a01.gif" /></a></p>
 
<p>Foreclosure-Relief Bill Clears First Senate Hurdle; GOP Relents</p>

<p>http://online.wsj.com/article/SB120707574854880909.html?mod=hps_us_whats_news</p>
 
<p><strong>Senate reaches foreclosure relief compromise</strong></p>

<p><a href="http://money.cnn.com/2008/04/01/real_estate/foreclosure_relief.ap/index.htm?postversion=2008040115">http://money.cnn.com/2008/04/01/real_estate/foreclosure_relief.ap/index.htm?postversion=2008040115</a></p>
 
UBS writes-off 19 billion....Stock is up 15%





Deutsche Bank writes-off 4 billion......Stock is up 4%





Other headlines today:





* Celent: 200,000 US Banking Jobs at Risk- AP


* Manufacturing, Construction Weaken- AP


* Ford, Toyota US Sales Down in March- AP


* UBS Will Write Down $19 Billion- AP


* Goldman Analyst Expects More Write-Downs- AP


* Wall Street Castles Made of Sand- Tech Ticker





THE DOW IS UP ALMOST 400 POINTS





Lehman Bros increases shares outstanding by 15% and is forced to raise capital.....shares are up 18%..





<strong>WTF!?</strong>
 
lm - I think they are celebrating the transparency and the fact that it must be the bottom this time. The big question that comes to my mind is: Who or what capitalized Lehman with $4B ? Call me a nutter, but something tells me the Fed was behind it; maybe not directly, but somehow the Fed is printing or guaranteeing or something. Whadda ya think?
 
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