House Prices Drop US/UK Housing Crash? Subprime Bubble

SOTT: Grand Theft Economics uh oh
so thats what happened
The credit derivatives markets will on Monday set the price tag for settling up to $500bn of contracts related to Fannie Mae and Freddie Mac, the US mortgage lenders whose seizure by the US government had the unexpected knock-on effect of triggering defaults on derivatives deals.
Reykjavik - Iceland has agreed legislation that gives the government wide-ranging authority over its banks, including the option to merge them or force them to declare bankruptcy, the country’s prime minister said on Monday.
EBay to cut 10 percent of Macdoughnuts jobs - or something similar
big read

Original post by malct

BBC: New car registrations fall by 21% September normally the most lucrative month on the garage forecourt sees private registrations fall 23% and business registrations plunge 37% the worst decline in new car and commercial vehicle registrations since 1991.

Original post by enuii

BBC News website: Lehman Bros head took home $300m The head of failed US investment bank Lehman Brothers has told Congress that he took home about $300m in compensation over the past eight years.

Original post by angonamo

Independent: Darling warns Europe against unilateral action “It does demonstrate the problems that arise when member states take unilateral action because of course it does have a knock on effect for other member states. It does emphasise the need for us all to work together” - what about when one member state goes on a credit binge and the others have to suffer the consequences.
“I don’t think that if you establish an independent central bank distant from government, that you should change its terms of reference just because times are difficult.” - no just change the fiscal rules, competition laws etc etc

Original post by matt_the_hat

"[A]n aptonym is the term used for ‘people whose names and occupations or situations (e.g., workplace) have a close correspondence.’ "
Some days all you can do is laugh.[1]
Treasury confirms Kashkari to head mortgage rescue plan
 

________________________
Notes and References
[1]: "Treasury confirms Kashkari to head mortgage rescue plan", by Greg Robb, MarketWatch, October 6, 2008.

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Original post by John M.

findaproperty: General London Market Improves Russell Jervis, Managing Director of Haart, comments: “September started to show the first encouraging signs of green shoots, with a surge of buyers registering in order to take advantage of the more affordable prices and more attractive mortgage deals that lenders were offering.
……….what grren shoots and what attractive mortgage deals????? What planet do these people live on. Next thing he will say is that thanks to the mastrefull work of Bush and Paulson we can expect London prices to rise by 25% by next summer.

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Original post by bystander

BBC: 95% LTV mortgage options fall The number of mortgages available to buyers with a 5% deposit is shrinking fast, as lending is cut because of the credit crunch and falling house prices.
There are only 60 such deals currently available from lenders, down from 860 a year ago.
Mortgages for 100% or more of a property’s value disappeared at the start of the year. The number of 90% deals is also shrinking fast, though not as dramatically.

Original post by little professor

BBC: Financial crisis at-a-glance: 6 Oct 1649: The FTSE 100 Index of leading shares closed down 7.85% at 4589 points, a drop of 391 points.
1638: The Cac 40 in Paris closes down 9%, the worst fall in percentage terms since its creation in 1988.
1534: Russia’s dollar-denominated RTS stock market closes down 19%, its worst one-day fall on record. The index closes at 866.39 points, down 65% from the all-time high reached in May this year.
1435: Trading on Brazil’s stock market is suspended half an hour after opening following a 10% fall on the main index.
1430: On Wall Street the Dow Jones opens down 208 points, or 2%, at 10,117.

Original post by matt_the_hat

Sky News: Biggest FTSE Fall For 20 Years The FTSE 100 index of leading UK shares has suffered its biggest one-day fall since the 1987 crash amid the deepening global financial crisis.

Original post by matt_the_hat

BBC: Pope criticises pursuit of wealth The global financial crisis is proof that the pursuit of money and success is pointless, Pope Benedict XVI has told a meeting of bishops in Rome.
Still doesn’t stop the catholic church being on of the richest organizations on earth!

Original post by matt_the_hat