UK house market is ‘heading for crash’ - Times Online

UK house market is ‘heading for crash’ - Times Online: "The property boom of the past ten years has left the British housing market in danger of following the slump in American house prices, the International Monetary Fund said yesterday. In a bleak warning, the IMF found that homes in Britain were overpriced by up to 40 per cent — far more than the overpricing in the US before the current property slump began there. The finding will fuel fears over housing market prospects after growing evidence recently that prices have already begun to fall in some parts of Britain."

Housing Slump ‘Unfolding,’ Treasury Chief Says - New York Times

Housing Slump ‘Unfolding,’ Treasury Chief Says - New York Times: "“Let me be clear: Despite strong economic fundamentals, the housing decline is still unfolding, and I view it as the most significant current risk to our economy,” Mr. Paulson said in a speech at a Georgetown University law forum. “The longer housing prices remain stagnant or fall, the greater the penalty to our future economic growth.”"

Worst of U.S. subprime troubles are ahead, S&P chief economist says - International Herald Tribune

Worst of U.S. subprime troubles are ahead, S&P chief economist says - International Herald Tribune: "HONG KONG: The markets have not seen the worst of the credit losses from record defaults on U.S. subprime loans and falling house prices, David Wyss, chief economist at Standard & Poor's, said Thursday at a conference here. 'We've seen the worst of the panic, but we haven't seen the worst of credit losses,' Wyss said. 'People are not sure what the levels of losses are going to be, and an even bigger part of the problem is, markets don't know who're holding these things, they don't where the bodies are buried, and they don't know how leveraged some holdings are.'"

Banks And U.S. Treasury Discuss $100 Billion Support Fund - Forbes.com

Banks And U.S. Treasury Discuss $100 Billion Support Fund - Forbes.com: "Leading U.S. banks have reportedly been meeting with U.S. Treasury officials about creating an up-to-$100-billion fund to stave off the danger that there could be a fire sale of shaky mortgage-backed securities, collateralized debt obligations and other distressed assets following the recent global credit crunch. "

Credit card debt is ready to blow -- baltimoresun.com

Credit card debt is ready to blow -- baltimoresun.com: "After every financial crisis over the past 10 years, the Federal Reserve has cut interest rates and pumped money into the economy. Each rescue solved the problem - and created a new one. The next bomb from this chain reaction of bailouts and blowups will be credit-card debt. Hardly anybody is talking about it yet, but banks and consumers are laying the ground for a wave of credit-card defaults, bankruptcies and asset write-offs for 2009 or so."

Vicente Fox admits that he and George W. Bush have ’agreed’ on common currency, North American Union

Vicente Fox admits that he and George W. Bush have ’agreed’ on common currency, North American Union: "Los Angeles, CA (Oct. 10, 2007) -- Speaking on the Larry King show, former Mexican President Vicente Fox confirmed every assertion made by Jerome Corsi in his new book, NY Times bestseller 'The Late Great U.S.A: The Coming Merger with Mexico and Canada' (WND Books, ISBNs 0-9790451-4-2, $25.95, July 2007). Not only did Fox admit that he and George W. Bush have 'agreed' to create a common currency, the Amero, he contended that a North American Union is 'inevitable' "

US mortgage crisis predicted to get worse as home loan defaults soar - Times Online

US mortgage crisis predicted to get worse as home loan defaults soar - Times Online: "America’s mortgage crisis is likely to get considerably worse because the level of fraudulent lending to unsuitable borrowers was much higher than previously estimated, Standard & Poor’s said yesterday."