In no particular order:
1. "US politicians are drawing up a bill that could make it less attractive for Wall Street investment banks and other financiers to repackage risky mortgages into securities and then sell them to investors around the world." Isn't this good news? Politicians, who can't manage much of anything without making it a mess, are now thinking about dictating how Wall Street can do business. I suppose some regulation is in order, but it should come with a complete overhaul to our existing lending rules and regulations, including RESPA reform. If the idea is to protect borrowers, how about we start with the current foundation (TILA and RESPA) and make them a bit more user-friendly. Full story: http://www.ft.com/cms/s/39e30d7a-e863-11db-b2c3-000b5df10621.html
2. M/I Homes (MHO) reported today that "the number of homes it delivered in the first quarter fell 15 percent to 704, hurt by difficult market conditions as the housing sector continues to sag." Hmmm. I continue to see how the subprime meltdown has NOT impacted other sectors of our economy (read with sarcastic undertones). Full story: http://www.forbes.com/feeds/ap/2007/04/12/ap3605752.html
3. Another subprime lender up for sale. Buy now! According to Bloomberg.com "NovaStar Financial Inc., the subprime home lender whose stock has plunged more than 80 percent this year, announced it's formally exploring 'a range of strategic alternatives,' including a sale." This is a tough time to sell with other subprime lenders failing to attract buyers. Full story: http://www.bloomberg.com/apps/news?pid=20601103&sid=aQZJ58o_qa_Q&refer=us
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