Housing

Big Numbers Still Don’t Sway DeMarco Towards Principal Reduction – DS News

Bank of America streamlining short-sale procedures – Inman News

Bank of America says it’s makingchanges to its short-sale procedures that will shorten decision times on short sale offers to 20 days, down from 45 days or longer.

What If Housing Is Done for a Generation? – Charles Hugh Smith

A strong case can be made that the fundamental supports of the housing market– demographics, employment, creditworthiness and income–will not recover for a generation. It can even be argued that housing has lost its status as the foundation of middle class wealth, not for a generation, but for the long term.

Bank Of America Sues Itself In Unusual Foreclosure Case – HuffPo

More Memories of the Housing Bubble – Tim Iacono

DeMarco Dissects Arguments for Principal Forgiveness – Mortgage News Daily

How many borrowers who are current on their loans will be encouraged to either claim hardship or go delinquent to obtain principal forgiveness?   This is a particular concern for the Enterprises because they cannot pick and choose where forgiveness makes sense, they must develop a program that can be implemented by one thousand servicers and sellers.  The Enterprises would also have to publicly announce the availability of the program

Economy

Irish Economic Crisis Devours Restaurants - WSJ$

Mounting credit card bills drive bankruptcy boom in western suburbs - Sydney Morning Herald

George Lucas stuns Marin, pulls plug on movie studio project – Contra Costa Times

“We have several opportunities to build the production stages in communities that see us as a creative asset, not as an evil empire, and if we are to stay on schedule we must act on those opportunities,” Lucasfilm said it a statement headlined, “Lucasfilm pulls building plans out of Marin.”

Misc.

Yahoo! Layoffs a Bonanza for Recruiters in Sizzling Tech Job Market – Around Dublin

U.S. Sues Apple, E-Book Publishers Over Pricing – WSJ

Fresno Is The Most Beauty-Obsessed City In America – Business Insider

Obsessed, maybe. Beautiful, hell no.