Wednesday, July 23, 2008

ONE DAY OF ECONOMIC NEWS

Compiled by Kevin Zeese

Wachovia loses $8.86 billion, slashes jobs
7-22-2008 Reuters
Wachovia Corp, the fourth-largest U.S. bank, on Tuesday posted an $8.86 billion second-quarter loss, slashed its dividend and announced the elimination of more than 10,700 jobs after losses tied to mortgages soared.
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WaMu has $3.33 bln loss, may be cut to "junk"
7-22-2008 Reuters
Washington Mutual Inc, the largest U.S. savings and loan, posted a $3.33 billion second-quarter loss on Tuesday as souring mortgages forced it to set aside more money for loan losses.
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GM, Ford 'On the Verge of Bankruptcy'
7-22-2008 Bloomberg
General Motors Corp. and Ford Motor Co., the two biggest U.S. automakers, have about a 46 percent chance of default within five years, according to Edward Altman, a finance professor at New York University's Stern School of Business.
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How safe is your bank?
07-22-2008 St. Petersburg Times
Does the FDIC insure safe deposit boxes if a bank fails? - No. In the event of a bank failure, the FDIC usually arranges for an acquiring bank to take over the failed bank's offices, including locations with safe deposit boxes.
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Debt Rattle, July 19 2008: Less corn and more hell
07-22-2008 theautomaticearth.blogspot.com
The British government faces new mayhem on a daily basis, and there’s no stopping it anymore. It will therefore have to be absorbed. And that will mean a return to mass unemployment and subsequent new found poverty.

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Why did it take so long to look at Fannie/Freddie's books?
07-22-2008 www.bloggingstocks.com
They owe $1.5 trillion; they "own or guarantee more than $5 trillion in mortgages"; and they have derivative contracts to hedge $2 trillion worth of mortgage risks. I am curious what else the Fed and the OCC will be looking for as they insp
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California Foreclosures Flying Off The Chart
7-22-08 CalculatedRisk.blogspot.com
Foreclosure resales have emerged as a significant market factor, accounting for 40.0 percent of all California resale activity last quarter. A year ago it was 5.4 percent.
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FHA Delinquency Crisis: 1 in 6 Borrowers in Default
7-22-08 whistleblower.ml-implode.com
Surprisingly, 4 out of the 10 largest servicers have default rates exceeding 20% of their active servicing portfolios. This translates into 1 out of every 5 borrowers either being delinquent or in foreclosure.
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Phoenix Foreclosures: They're Not Just For Outlying Areas Anymore
7-22-08 HousingDoom.com
Foreclosures across metro Phoenix number 16,647 for the first half of the year compared with 9,966 during all of 2007 and 1,070 in 2006.
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Fannie, Freddie bailout may have $25 billion tag...for now suckers
7-22-2008 Reuters
Congressional budget analysts on Tuesday put a $25 billion cost estimate on a Bush administration plan to bolster mortgage finance giants Fannie Mae and Freddie Mac, but raised questions about a key assumption underlying the plan.
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U.S. says ready to cut farm aid to $15 billion
7-22-2008 Reuters
The United States has come under pressure to announce a ceiling for its farm subsidies, a key part of the WTO's long-delayed Doha round of negotiations for a global trade deal. [Oh yes, "free trade" means free trade]
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