Emily Friedlander raises many interesting points.

In an image that echoes scenes of the Great Depression, a Texas bank has just finished up demolishing 16 new and partially built houses it acquired in Southern California through foreclosure. The bank determined that wrecking the homes was more cost-effective than finishing and selling them.

Read the whole article

Advertisements

* Markets Fall from Tokyo to London to New York City (Bruce Crumley, Time)

It’s not hard to understand why most observers expect Wall Street to slide fast and far during trading Monday. It opened with an opening dive its first dip below the 7,000 point bar in more than a decade. And why would the Dow resist the mega-tanking that bourses elsewhere experienced today, amid a flurry of dismal financial and economic news from virtually every corner of the globe?

* Man pleads guilty in mortgage fraud scheme (Business Journal Charlotte)

An Upper Arlington man accused of involvement in a Central Ohio mortgage fraud ring has pleaded guilty to eight felony counts and is set to testify against the woman investigators have called the ringleader.

* Punishing fraud in the mortgage-lending crisis (Seattle Times)

The FBI must make its way through 66,000 reports of potential bank fraud, a daunting task aided by a new regional task force that could yield successes like the Bellevue loan officer headed to prison for one of the largest home-mortgage scams in Western Washington. A timely solution in this region comes by way of a task force made up of local, state and federal investigators.

* Congressman promises new Armenian genocide bill

Despite strong opposition from Turkey, a Southern California congressman is vowing to introduce another bill blaming the Ottoman Empire for the Armenian genocide of 1915.

* Freddie Mac CEO David Moffett resigns (Pacific Business News)

Freddie Mac said Monday that Chief Executive Officer David Moffett has said he will resign both his position and his seat on the board effective March 13.

Read the rest of this entry »

* Creditors fear new losses on Northern Rock bonds (Philip Aldrick, Telegraph)

* Changes not likely to hit depositors (Madlen Read)

* Mortgage approvals up in January (BBC News)

* Obama’s challenge tonight: answer CNBC’s Rick Santelli (Johanna Neuman, Los Angeles Times)

* Police raid Anglo Irish Bank (Agence France-Presse)

* Foreclosures lead to budget problems for associations (Paul Owers, S. Florida Sun-Sentinel)

* Even Cave Dweller Can’t Escape Recession (Scott Mayerowitz, ABC News)

* Southwest Riverside County among top in nation in foreclosed homes (Jeff Horseman, Press-Enterprise)

* January home sales rise and median prices drop: L.A. County details (Lauren Beale, Los Angeles Times)

* Harder to find our soft spot (Seattle Times)