MortgageNewsClips: Luxury Foreclosures, Chicago Condos, WaMu Not Done, Eat Your Lunch, Worst Since 1930?, Jumbo Jitters, Mishkin Speech, Mortgagewire has 2, Fair Value Defense, Early Retirees, Countrywide Lawsuit, Secret Bailout, Paul McCulley, Cool Zillo

Luxury Foreclosures - Growing Number of Affluent Homeowners Can No Longer Afford Their Mortgages - Washington Post 

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Record condo numbers to saturate downtown area - Chicago Tribune 

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WaMu COO: We’re Not Done Hemorrhaging - TheStreet.com 

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Meet Your New Recruits: They Want to Eat Your Lunch - BusinessWeek 

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Jumbo jitters: High-end homebuyers run into mortgage problems -  Lansing State Journal Brendan

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How Should We Respond to Asset Price Bubbles? - Frederic S. Mishkin - At the Wharton Financial Institutions Center and Oliver Wyman Institute’s Annual Financial Risk Roundtable  - FED

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Recovery From Worst Housing Slump Since 1930s Comes With Angel - Bob Ivry - Bloomberg 

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2 from Mortgagewire:
1.  Losses on Subprime Seconds Mount, Pressure Bond Insurers 

2.  Schumer Calls for FTC Investigation into Countrywide’s Default Management Practices 

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Some CFOs Spring to Fair Value’s Defense - Stephen Taub and Roy Harris - B of A and Freddie Mac finance chiefs, in different arenas, support the control of risk that mark-to-market accounting provides. - CFO.com 
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Early Retirees May Help Hold US Unemployment Rate Down -  Early retirement by baby boomers could be helping keep the unemployment rate down even as payroll employment falls, according to Standard & Poor’s Chief Economist David Wyss.  -  Research Recap

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Dismissal Denied in Countrywide Financial Subprime Derivative Lawsuit - lots of details - Kevin LaCroix -  D&O Diary

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The Secret Bailout of JP Morgan: How Insider Trading Looted Bear … -  talks about out of money put option trades - - Center for Research on Globalization 
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What Does It Mean When Monetary Policy Conducts a Fiscal Policy Operation? - Paul McCulley -  Global Central Bank Focus - PIMCO 

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AWESOME DATASOURCE: ZILLOW REPORTS - good resource with lots of data - be sure to check this out - Zillow

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Don’t believe Paulson: S&L 2.0, the Bank Failure Redux - … Now, for those banking CEOs, homebuilder CEOs (ex. Mr. Hovnanian), monoline CEOs and government officials (ex. Mr. Paulson), who claim that the worst is behind us - I can smell you guys! … - Reggie Middleton - seeking alpha

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LESSONS LEARNED FROM MORTGAGE MARKET TURMOIL - James B. Lockhart III - Director, OFHEO  -   thanks Ira Artman

posted by Bill Coppedge