* Two draw sentences in fraud (Gary L.. Wright, Charlotte Observer)

(04/10/08) Jules A. Springs (CQ, tall young black man tan/white shirt, dark tie, no jacket on left) arrived at the Federal Courthouse with his attorney (No ID on attorney on right. he wasn’t talking) Thursday. Springs and five other defendants were arraigned and charged in U.S. District Court Thursday. Federal prosecutors are mulling racketeering charges against a Charlotte real estate attorn…

* Realtors: Home resales hit 12-year low (Business First Buffalo)

The National Association of Realtors said Wednesday that sales of existing homes fell 5.3 percent from December to January, reflecting an annual rate of 4.49 million. Thats the weakest showing since July 1997.

* Canadian housing market suffering (Bloomberg News)

Canadian housing starts fell to the lowest level since 2001 as work on urban single-family dwellings plunged to the lowest level since 1996.

* First-time buyers suffer as lenders fight shy of passing on rate cuts (The Independent Online)

First-time buyers are continuing to feel the heat of the credit crunch, with lenders offering little in the way of competitive mortgage deals. Despite the Bank of England base rate dropping to its lowest level, lenders are reluctant to pass on the cuts to first-time buyers, who are deemed to pose a higher risk of defaulting on payments.

* Executives of bankrupt company sued for $1B

TUCSON – A trustee appointed by a federal judge to advocate for First Magnus Financial Corp. creditors has filed a $1 billion lawsuit against the bankrupt mortgage company’s executives, accusing them of excessive spending.

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* Congregation in foreclosure fight (Maurice Possley, Chicago Sun-Times)

* Ed McMahon Has Bone Cancer: Source

* Andrew Clark: Generation Bailout (The GW Hatchet)

* Safeguard financial data when applying for mortgage (Seattle Times)

* HUD secretary, Congress debate foreclosures

* AARP says plan not for all (Residential Design & Build)

* Banks in a rush to cut interest rates (The Telegraph)

* Chris Griffith: Short sales coming up short on stopping foreclosures (Naples Daily News)

* Buffett blasts himself, others (Charlotte Observer)

* Effor.com: Will the banks survive? (Knoxville News-Sentinel)

A short article by Paul Glasser.


Franklin Circuit Judge Thomas Wingate has reduced the bond for a state employee accused of raping two young girls.

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* Source: Ed McMahon hospitalized with bone cancer (Lynn Elber)

* Conservatives Decry Obama Spending Cut (Jonathan Chait, New Republic)

* ‘It’s Serious’: Ed McMahon in Intensive Care (Lynn Elber)

* Threat of judges changing mortgage terms may motivate lenders (Pamela Yip, Dallas Morning News)

* Rate for 30-year fixed mortgages rises slightly to 5.07 percent

* Study: Mo. foreclosure laws test homeowners (Tim Logan, St. Louis Post-Dispatch)

* Don Perata’s Costly Legal Defense (Nate Seltenrich, East Bay Express)

* Pickerington duo get prison for fraud scheme (Houston Business Journal)

* New Citi plan may serve as model but carries risks (Christopher S. Rugaber)

* Dispute in House delays mortgage bill (Julie Hirschfeld-Davis)

* Mortgage-fraud defendant sentenced to seven years in prison (Sanjay Bhatt, Seattle Times)

A federal judge sentenced a former Bellevue loan officer today to seven years in prison for perpetrating what prosecutors say is one of the largest home-mortgage fraud cases brought so far in Western Washington.

* House prices fall to lowest level on record says Land Registry (Myra Butterworth, Telegraph)

The Land Registry said house prices dropped by a record 15.1 per cent in January compared with a year ago. It is the largest drop since the Land Registry began its records in January 1995.

* ‘ALZHEIMER’ SCAMMER GETS 2 YRS. (William J. Gorta, New York Post)

A former Long Islander was sentenced on hate-crime charges yesterday for pulling a brazen, $800,000 mortgage scam on a 94-year-old Alzheimer’s victim, officials said.

* JPMorgan Chase to cut 14,000 jobs as it braces for losses (Sacramento Business Journal)

JPMorgan Chase told investors Thursday that it will cut 14,000 jobs, up from a previously announced 9,200 in December.

* Economy shrinks at fastest pace in 26 years (Jeannine Aversa-)

The economy contracted at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century, as consumers and businesses ratcheted back spending, plunging the country deeper into recession.The Commerce Department report released Friday showed the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated last m…

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A former loan officer has been sentenced to seven years in prison in a $27 million home mortgage fraud case after admitting that he paid borrowers to participate in the scam.

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A short and simple article by Daniel Wagner.

U.S. thrifts lost $3 billion in the fourth quarter and more than $13 billion last year, a record annual loss.

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* Martin County court clerk may have to lay off employees (George Andreassi, Jupiter Courier)

* 667K new jobless claims; new-home sales tumble (Christopher S. Rugaber)

* FSA boss pledges ‘revolution’ as he rejects light-touch policy (Sean Farrell, The Independent Online)

* 30-year fixed mortgage rates up slightly

* I’ll Leave You With These Thoughts (Telegraph)

* New Tenant Foreclosure Hotline Unveiled (Steve Milne, WOSU)

* Fannie taps lifeline after $59B in losses (Tami Luhby, Money)

* JPMorgan warns of more housing woes (David Ellis, Money)

* FHLB of Boston loses money, suspends dividend (Boston Business Journal)

* House of Cards: The Faces Behind Foreclosures (David Von Drehle, Time)

* Complaints pile up along with illegal Ike debris-dumping (Harvey Rice, Houston Chronicle)

GALVESTON The pile of trash dumped in front of Jeff Chasalows storm-damaged home added another headache to his already long list of irritations since Hurricane Ike struck more than five months ago.

* New-Home Sales Tumble to Record Low Pace (Jeannine Aversa-)

New-home sales tumbled to a record-low annual pace in January and there’s no relief in sight as mounting damage from the collapsed housing market pushes the country deeper into recession.

* Chase to cut 14,000 jobs as it braces for losses (Boston Business Journal)

JPMorgan Chase & Co. told investors Thursday that it will cut 14,000 jobs, up from a previously announced 9,200 in December.

* Economy likely suffered deeper contraction (Jeannine Aversa-)

WASHINGTON — The economy’s downhill slide at the end of last year was likely much steeper than the government initially thought and it is probably doing just as poorly now – if not worse – as a relentless slew of negative forces feed on each other, pushing the country deeper into recession.

* Regulators Missed IndyMac Woes (Michael R. Crittenden, Dow Jones Newswires)

WASHINGTON — Federal regulators failed to catch warning signs that presaged the collapse of mega-thrift IndyMac Bank last July, a U.S. government watchdog said Thursday.

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* Hungary on edge of bankruptcy (Damien Mc Elroy, Telegraph)

The birthplace of the Rubik’s Cube has provided its government with a multi-sided financial crisis that defies any ingenious solution.

* Five indicted in alleged mortgage scheme (Adam Jensen, Tahoe Daily Tribune)

A federal grand jury has returned an eight-count indictment against five people for their alleged involvement in a mortgage fraud scheme in South Lake Tahoe and Nevada City.

* Northern Rock and Bradford & Bingley pressed to end charges for struggling homeowners (Times Online)

Northern Rock and Bradford & Bingley, the government-backed lenders, could be forced to scrap charges levied on struggling homeowners who slip behind with mortgage payments, after accusations that the fees are unfair.

* Fixing foreclosures mess difficult

LANSING — Michigan, already home to the nation’s sixth-highest foreclosure rate, is facing an even bleaker picture in the year ahead.

* Barratt posts hefty loss (ITN Online)

Housebuilder Barratt Developments has posted a loss of almost �600 million after writing down the value of land it holds.

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