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Chicago Fed: Economic Activity Moved Lower in December – Calculated Risk

The US loan-mod fail – Felix Salmon

What this says to me is that while we aren’t going to see a wave of foreclosures, we are going to see a large and more or less constant number of foreclosures for the foreseeable future — with all the gratuitous value destruction that implies.

After Three Months, Only 35 Subscriptions for Newsday’s Web Site – The New York Observer

So, three months later, how many people have signed up to pay $5 a week, or $260 a year, to get unfettered access to newsday.com?

The answer: 35 people. As in fewer than three dozen. As in a decent-sized elementary-school class.

The FOMC Ignores Weak Housing – Minyanville

Noticeably absent were comments that the housing sector continues to show signs of improvement. How could they with existing-home sales down 17% and with new-home sales down 7.6% to their lowest level since this series began in 1963? With new-home sales down 23% in 2009, the housing market is clearly deteriorating, and bad loans
are rising at community and regional banks. These are the real problems that appear to plague any chance of a gradual economic recovery.

FDIC Friday Lotto: Another Reason Why Banks Are Not Lending – Mish

Here’s how the process works: On “bank failure Friday”, the FDIC matches banks with sufficient capital to failing banks, taking into consideration size, location, and assets…

What Housing Recovery? Nationwide, Defaults Are on the Rise – Seeking Alpha

RealtyTrac is out this morning with a year-end look at foreclosures. I think it is a terrible report.

Geithner’s faulty apologia – Rolfe Winkler

Geithner was lucky to be doing battle with such an unprepared, unimpressive group.

Housing recovery could take a decade, economists warn – The Washington Post

Even as the housing market shows signs of improvement, including in new data released Tuesday, economists warn that it could take up to a decade for many homeowners to regain equity in their homes, while some people in the hardest-hit regions of the country may not see a recovery during their lifetime.

Why Are We Donating $2,000 Per Family to Wall Street Bonuses? – HuffPo

During the worst year since the Great Depression, with 30 million people out of work or forced into part-time jobs, Wall Street is awarding itself $150 billion in bonus money…..and it comes from us!

That’s $500 for every man, women and child in the country — $2,000 for a family of four.

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