News Round-Up: 25 Jul 2008

Housing: US, UK and Spain
Bright spots in the housing nightmare – MSN
U.S. Mortgage Rates Soar on Inflation Fears – Housing Wire
U.S. Existing Home Sales Continue Freefall – Housing Wire
Oversupply killing U.S. lender giants and house prices – Irish Independent
UK Major mortgage lenders cut interest rates Telegraph
What to do if you’re trapped in Spanish property gloom – Money Week

Global Economy
Outlook for Canada’s economy darkens – National Post
Spending drop hits pound – FT
The Eurozone – That Sinking Feeling? – Claus Vistesen
Storm clouds gather over Spain – Money Week
Japan Inflation Rises to Decade-High 1.9% on Gasoline – Bloomberg

Earnings
Ford reports $8.7-billion shortfall, its largest quarterly loss ever – LA Times
National City Boasts, Despite Record Q2 Loss – Housing Wire

Finance
Mortgage Writedowns to Total $1 Trillion, Gross Says – Bloomberg
5 big losers in the banking crisis – MSN
JPMorgan leads possible HBOS break-up – FT Alphaville
WaMu Slumps as Gimme Credit Cites Liquidity Concern – Bloomberg
JPMorgan Predicts More Pain for European Banks – Deal Book
U.S. financial stocks in worst fall since 2000 – FT
Spanish Bank Defaults Up Sharply In Q2 – Euro Watch

Financial Lawsuits
New York Joins List of States Suing UBS – Deal Book
MBIA, Rivals Sued by Los Angeles Over Bond Insurance – Bloomberg
L.A. sues financial firms, alleging fraud in bond issues – LA Times

Politics
U.S. passes housing rescue bill – FT
SNP stuns Labour in poll blow for Brown – FT
Europe Fails to Endorse Milk and Meat From Clones – NY Times
With Fannie/Freddie Bailout Plan, Treasury Secretary Paulson is Armed and Dangerous – Peter Schiff, Money Morning
Wilful ignorance – Politics
Prepare to Profit From the Trillion Dollar U.S. Budget Deficit – Martin Hutchinson, Money Morning
Making Fannie and Freddie Pay for Their Free Lunch – Mark Thoma

Germany
Stimmung in der Wirtschaft kühlt sich stark ab – Spiegel
Regierung rechnet mit 15,5 Prozent Kassenbeitrag – Spiegel
Lufthansa will Streiks mit Notfallplan aushebeln – Spiegel
Lagebeurteilung bleibt – Börsennotizbuch
Buffet als Penner … – egghat

Spain
El paro del transporte en junio rebaja un 15% la producción de coches – El Pais
La crisis golpea las cuentas de Popular, Sabadell y Bankinter – El Pais
Los modelos sociales de Europa y EE UU se miden en la crisis – El Pais
La economía desbanca al paro como primera preocupación – El Pais
Tribulaciones de quien compró un piso a Martinsa-Fadesa – El Pais

Odds and Ends
Janet Jackson’s Breast Freed, This Time by Court: Ann Woolner – Bloomberg