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Crumbling foundations
http://business.smh.com.au/business/crumbling-foundations-20 080718-3hj6.html

fannie and Freddie
http://www.economist.com/finance/displaystory.cfm?story_id=1 1751139


jump in store closings
http://online.wsj.com/article/SB121615960074456109.html?mod= todays_us_stock_market_quarterly_review

Indy mac
http://money.cnn.com/2008/07/12/news/companies/indymac_fdic/ index.htm?postversionI=2008071210

Inflation
http://www.nytimes.com/2008/07/17/business/17econ.html?_r=2& adxnnl=1&oref=slogin&ref=business&adxnnlx=1216220641-A1ymKSj DDrbVJTActogiBQ

http://www.donharrold.net

If it's so important that we all "own" our own homes, pay off OUR loans. Let the banks fail for a change.

PlusFears Grow Over Mortgage GiantsFears Grow Over Mortgage GiantsThe Associated PressStocks of Fannie Mae and Freddie Mac are hammered as the housing slump spreads, but the Bush administration says it's not planning a federal takeover of the mortgage giants. (July 11)It's the latest shock-wave from the housing crisis: fears that mortgage giants Fannie Mae and Freddie Mac could go belly-up.Shares in the two government-sponsored mortgage companies have been hammered ... [Notes:Bush helo/wave from today's departure]...and their future's being debated by President Bush and his top advisers. BUSH SOT: Freddie Mac and Fannie Mae are very important institutions. We spent a fair amount of time discussing these institutions. [Notes:More file Fannie/Freddie]But administration officials insist they're NOT readying a federal takeover. [Notes:To Paulson on the Hill]Treasury Secretary Henry Paulson says right now, HE thinks the two just need better oversight -- and do NOT need more cash.PAULSON SOT: "We have a situation here where the regulator, the independent regulator said there's adequate capital." FONT: Treasury Secretary Henry Paulson [Notes:File Wall Street, then more housing file]But those words have NOT reassured investors, who seem convinced that as big as they are, Fannie Mae and Freddie Mac could be swamped by more bad loans.Who are these two? The Federal National Mortgage Association and Home Loan Mortgage Corporation were chartered by Congress to make home loans cheaper and easier to get for average Americans. ZIBEL SOT: "WHAT THE TWO COMPANIES DO IS THEY BUY MORTGAGES, YOUR ORDINARY HOME LOANS, AND PACKAGE THEM INTO INVESTMENTS THAT INVESTMENTS BUY AROUND THE WORLD. AND THEY'RE PERCEIVED AS VERY LOW RISK INVESTMENTS UNTIL RECENTLY." FONT: Alan Zibel, AP Business Writer [Notes:More file housing slump]Between them the two hold or guarantee some $5 trillion in loans. Failure by either could be disastrous -- but a federal takeover would NOT be a cure-all. ZIBEL SOT: "The fear is that their ability to buy home loans would be reduced and the availability of home loans would decrease. I think the government is going to do everything it can to prevent that." [Notes:Standup close]Right now, with regular banks under siege, the administration's depending on Fannie and Freddie to keep cranking out those mortgages. Anything that makes them write fewer or more expensive loans -- would be the LAST thing the embattled housing market needs.MS, The Associated Press, the White House

PlusFannie, Freddie Rescue Pushes Housing AidFannie, Freddie Rescue Pushes Housing AidThe Associated PressA foreclosure aid plan that was facing a sluggish trip through Congress has a powerful new engine behind it: the Bush administration's urgent request to rescue mortgage giants Fannie Mae and Freddie Mac. (July 14)(Markets file, housing file, Fannie) With fresh turmoil in financial markets, and the housing slump upending another financial institution, the Bush administration's moving aggressively to shore up mortgage giants Fannie Mae and Freddie Mac.(Bernanke) To quiet investor fears about the two, it's told Fed Chairman Ben Bernanke to extend the pair a line of credit, and told Congress it wants to authority to buy up some of their shares. PAULSON SOT: "We must take steps to address the current situation as we move toward a stronger regulatory structure." FONT: Treasury Secretary Henry Paulson(Fannie file) Between them, Fannie and Freddie either own or guarantee HALF of America's mortgages, but their shares have been clobbered by fears they're low on cash. ANALYST SOT: "The biggest part of that move down, is because investors were getting concerned they were going to need to raise capital and they really didn't know how they were going to do that." FONT: Art Hogan, Chief Market Analyst, Jefferies and Company And the White House is hopeful Congress will move quickly on it.PERINO SOT: (14:30 from start) ... because we think this is urgent pieces of legislation that need to get done and that will be important for increasing confidence and stability in the market. (Fed file, housing file) The moves came as the Fed approved new lending rules aimed at thwarting the aggressive practices that fueled the sub-prime mortgage mess...(IndyMac exteriors - FONT THE LOCATION) ... and as a California bank swamped by bad loans re-opened under new management: Uncle Sam's. Officials says it's business as usual at IndyMac Bank, but customers remain worried after second-biggest financial institution failure yet. INDMOS(Standup close) What's unclear is whether the lifeline for the two mortgage giants and the Fed's new lending rules go far enough to calm markets AND homeowners. And then there's something NOBODY can know right now: whether the slumping housing market has yet hit bottom.MS, AP, WH