Wednesday, January 30, 2008

More Dollar problems

10-city home price drop a record...

Nevada Top Foreclosure Rate...

FBI in subprime crackdown...

The Great Credit Unwind of '08

By Mike Whitney

The financial system has been handed over to scam-artists and fraudsters who've created a multi-trillion dollar inverted pyramid of shaky, hyper-inflated, subprime slop that they've sold around the world with the tacit support of the ratings agencies and the US political establishment. (wink, wink) Now that system is about to collapse and there's nothing that the Federal Reserve can do to stop the Great Credit Unwind of '08.Continue

Record plunge for new-home sales: The Commerce Department reported yesterday that sales of new homes dropped 26.4 percent last year to 774,000. That marked the worst sales year on record, surpassing the old mark of a 23.1 percent plunge in 1980.

Countrywide loses $422M amid mortgage meltdown : Countrywide lost $422 million, or 79 cents a share, during the fourth quarter, compared with earnings of $622 million, or $1.01 a share, during the same period the previous year.

US home foreclosures surge : Home repossessions spiked across the United States during 2007 leaving over one percent of all households in some stage of foreclosure, an industry report showed Tuesday.

No comments: