Headlines...

NEW -> Contingent Buyer Assistance Program
<p>Forbes cites a "freefall" in their housing bubble index, but fails to actually quantify it.</p>

<p><a href="http://www.forbes.com/finance/2007/07/27/bear-warning-countrywide-pf-ii-in_js_0727soapbox_inl.html">http://www.forbes.com/finance/2007/07/27/bear-warning-countrywide-pf-ii-in_js_0727soapbox_inl.html</a></p>

<p>Plenty of ravaging bear sentiment in this article, for those inclined.</p>

<p>SCHB</p>
 
Graphrix - I can't recall the thread in which we were discussing bond insurers, but <a href="http://www.economist.com/finance/displaystory.cfm?story_id=9552987">here</a> is a pretty good article from The Economist on how the subprime fallout affects them. (H/T Tanta @ Calculated Risk.)
 
<p><strong>Great</strong> 4 minute video!</p>

<p>Jim Cramer says:</p>

<ol>

Looking for 100% default on the recent 2/28s. <em>Bears are being overly-optimistic</em> if they think only half will default.

Plow under the Inland Empire!

Anyone, prime or subprime, should walk away from a 20% loss in home value.

He just sold his beach property for a $200k loss and thinks the buyer overpaid.

</ol>

<p><a href="http://publish.vx.roo.com/thestreet/portal/?channel=Cramer On Demand&clipid=1373_10371063">Link here</a></p>

<p>I know he's a blowhard, but he is positively bearish on housing. Yikes.</p>

<p>SCHB</p>
 
<p>Ugh... Cramer dumping on RE is a buy signal. Stucco box, here I come! Can I park my motorcycle in the living room? I can't afford a garage. </p>
 
<p>"He just sold his beach property for a $200k loss and thinks the buyer overpaid. "</p>

<p>So, Cramer sells his beach house and THEN goes off publicly on how bad housing is?</p>

<p>That's some guy.</p>
 
<em>"So, Cramer sells his beach house and THEN goes off publicly on how bad housing is?


</em>

<p><em>That's some guy."</em></p>




<p>I hate to say it, but that is how I would have done it.</p>
 
<a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=a_Wr2eJ6sESE&refer=home">Moody's Says Some `Alt A' Mortgages Are Like Subprime</a>





Not news to anyone who is a regular here, but at least the MSM is starting to catch on.
 
<p>3rd Bear Stearns fund in <a href="http://money.cnn.com/2007/07/31/news/companies/bear_stearns/index.htm?postversion=2007073118">jeopardy</a>.</p>

<p><em>Don't be cute, don't be funny now


It's later than you think


Oh what's the use, save your money now


It's hanging on the brink


Don't let go while I'm hanging on


'Cause I've been hanging on so long


It's so hard to be all alone


I know you're not that strong, yeah, yeah





Our fund's in jeopardy, baby, ooh


Our fund's in jeopardy, baby, ooh </em></p>

<p>Apologies to the Greg Kihn Band.</p>
 
<p>2/3 of Americans say that a <a href="http://news.yahoo.com/s/nm/20070802/bs_nm/usa_economy_recession_dc;_ylt=AvL7h3_ZcYBvQ5aQzjzZYBOyBhIF">recession is in the works</a>.</p>

<p>How do you reconcile this with <a href="http://www.chicagotribune.com/business/chi-wed_econ_0801aug01,0,3128478.story">boundless consumer confidence</a>?</p>
 
<a href="http://www.newsday.com/business/ny-bzahm0802-story,0,140291.story?coll=ny-leadhealthnews-headlines">American Home Mortgage to shutter most of company Friday</a>




Another one bites the dust
 
<p>Seems like Southern Cal is getting hit hard 725% jump in foreclosures?!</p>

<p>http://www.time.com/time/business/article/0,8599,1647607,00.html?xid=newsletter-weekly</p>
 
<a href="http://www.marketwatch.com/News/Story/Story.aspx?guid=%7bA37D4B75-1634-4E8B-A1B3-5AF2416A9A5A%7d&siteid=yhoo&dist=yhoo">

IndyMac CEO warns employees of mortgage market panic

</a>





Shares of lender IndyMac Bancorp Inc. suffered a 10%-plus fall early Friday after an e-mail by Chief Executive Mike Perry to employees surfaced that described the mortgage-backed bonds market as "very panicked and illiquid." As a result, he said in the note that the lender will have to make major changes to its underwriting and pricing guidelines. IndyMac Bancorp is the holding company for IndyMac Bank, F.S.B., which bills itself as the seventh largest savings and loan and the second largest independent mortgage lender in the nation.
 
By the way, Indymac is biggest Alt-A lender. They originated $49.6 billion in 2006 compared to $47 billion at Countrywide.
 
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