Bank Robberies Up In Hard Economic Times/ (When I read this headline, I realized that it is a report on stickups at banks–not banks robbing shareholders or customer through the sale of fraudulent sub prime investment securities.)

THIS JUST IN: HOME OWNERS RESOURCE CENTER REPORTS:

In a dramatic, last minute ruling, a California Court of Appeal has stayed the takeover of AHRC.com. In a terse order, the Court of Appeal stayed the trial court’s order to takeover AHRC.com pending further briefing. Network Solutions was scheduled to turnover AHRC.com to the law firm of Peters and Freedman and Palacio del Mar within a few hours. This dispute grows out of a housing conflict with a pro-Housing Association law firm seeking to shut down a website that reports on foreclosures and home owner grievances.

Senate Collapse on Housing Bill Likely

washingtonpost.com — Hopes have dimmed that Congress would act quickly to rescue homeowners at risk of foreclosure after key Republican and Democratic negotiators in the Senate said they could not reach agreement on a plan. Talks broke down between aides to Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.) and the senior Republican on his committee, Richard C. Shelby (Ala.), aides said. The two camps had been trying for more than a month to develop a bipartisan proposal to ease the nation’s housing crisis.

Housing Bailout Little Help

money.cnn.com — Congress’ proposal to help troubled homeowners may only cost $1.7 billion to taxpayers since it might only keep 325,000 of nearly 3 million borrowers from foreclosure.

Little Help From Lenders

boston.com — Loan companies are proving ill-equipped to handle record foreclosures, particularly requests involving sales that would require lenders to accept losses on the loans, so-called short sales. The mortgage companies turn down offers — even though it may be more costly to seize the house in foreclosure — or they take so long to respond that the buyers move on, or don’t respond at all. Homeowners, real estate brokers, and others who have tried to crack the system describe it as akin to a black hole.

Economic Slump Hits Hispanics Hard

nytimes.com — The economic downturn unfolding across the United States is imposing a particularly punishing toll on Hispanics, a group that was among the primary beneficiaries of the expansion in recent years. What had been a story of broad and steady advances has given way to growing joblessness, diminishing paychecks and lost homes.

ALTERNET: HOW HEDGE FUNDS SCREW US

FROM THE MR. MORTGAGE BLOG—BANKS LIE, NO LIGHT IN SIGHT

Here is a little ditty from the Carlyle Group’s Rubenstein, just released. He talks about ‘enormous losses not yet realized for the bank’ and where this is all headed. He says, ‘it will take at least a year before all losses are realized, and some financial institutions may fail’. Hey, that is FOUR MORE KITCHEN SINK QUARTERS! Moving right along he says ‘the sovereign wealth funds are not likely to jump into the fray again to bail out these institutions’ and ‘many financial institutions aren’t going to be able to survive as independent institutions’. There is much more where this came from. I could add to his report by mentioning the $5.5 TRLLION in Level 2 and 3 assets not yet marked appropriately in most cases.

Now, the pumpers will say ‘how can you believe a guy who was leveraged 25:1 in the mortgage bond arena and who just got crushed. ’ In my opinion, that is the very person you should listen to. He has had to accept reality the hard way.

OMG: EAST HAMPTON FACES FORECLOSURES

NY POST: In the first three months of this year, banks have launched preliminary foreclosure actions - known as lis pendens proceedings - against a record 120 borrowers in East Hampton and Southampton towns.

MORTGAGE STORY FROM “THIS AMERICAN LIFE”–LISTEN

FED STILL INTERVENING TO SAVE MARKETS, REPORTS THE FINANCIAL TIMES

The Federal Reserve stands ready to increase the size of its credit auctions beyond the current level of $150bn a month if required to combat stress in the money markets, said chairman Ben Bernanke. His pledge came in a speech in which he welcomed “some improvement in financing markets” but warned that “conditions in financial markets are still far from normal”. The Fed chairman defended its decision to support a rescue takeover of Bear Stearns, saying that if Bear had been declared bankrupt it could have triggered a “much broader liquidity crisis” and a fire sale of assets. But he said the central bank would scale down its extensive liquidity support operations when markets normalised. He also warned that regulators would have to ensure that financial institutions did not run increased liquidity risks in future based on the assumption that the Fed would always step in whenever markets were stressed. Mr Bernanke said the credit crisis had overturned the assumption that primary dealers – many of them investment banks – could safely rely on short-term secured funding.

WHAT USA TODAY THINKS THE UDA THINKS By WALTER BRASCH:
All the News That Fits—In 500 words or a Graphic

The editors of USA Today, as they do every day, had to decide what to make its “Cover Story.”

The death toll from the cyclone in Myanmar was approaching 25,000, with about almost a million homeless, and the ruling military junta was still refusing to accept foreign assistance.

A Pentagon report revealed that about 43,000 medically unfit troops were sent into combat.

In Philadelphia, six police officers were under investigation for beating suspects. And, in Russia a new president was inaugurated.

What the editors chose to dominate the front page was a three-column head photo of presidential daughter Jenna Bush and a story about her forthcoming non-public private wedding. The only reason USA Today didn’t run the story on its front pages Saturday and Sunday is because it doesn’t publish on weekends. But, just about every other news medium gave the wedding heavy play.

At least we have our priorities straight.

IN MEMORIUM: From My Old Friend and Frequent Reader, the writer and more, Daniel Patrick Cassidy in San Francisco:

My mother Doris Frances Cassidy died on Mother’s Day, May 11, 2008, at around 5:30 PM in New York. She would have been ninety years old on September 3rd. My wife Clare and I were married on her birthday. She was the most wonderful mother anyone could ask for. I will miss her every moment. Her eyes were the color of life…. My Mom was born a survivor. She was a doozer (duaiseoir, duasóir, a prizewinner; someone remarkable)!

Thats my blog for now. Comments welcome at dissector@mediachannel.org