Sarbanes and Oxley must be wondering what's taking so long to raid the offices of MBIA (and all the other corrupt REIC)

Frog marches and seizures. We want frog marches and seizures!!!

But they better hurry. The paper shredders are probably working overtime today at places like MBIA, IndyMac, Countrywide, WaMu, Fannie Mae, Freddie Mac, Sallie Mae and oh so many more...

MBIA Bond Risk Soars on $8.1 Billion CDO Disclosure

"We are shocked management withheld this information for as long as it did,'' Ken Zerbe, an analyst with Morgan Stanley in New York, wrote in a report yesterday. ``MBIA simply did not disclose arguably the riskiest parts of its CDO portfolio to investors.''

And then all the REIC stocks collapsed... WM, CFC, IMB, WFC, KBH, HOV, TOL, FED, FNM, FRE and more

All of 'em. Goodbye. The world will be shocked by the companies that go bankrupt and fire all their employees during this Great Unwinding. CEOs and CFOs will go to jail. Shareholders and bondholders will be wiped out.

And HP'ers saw it all coming. All of it.

Renewed credit fears sent stocks sliding on Wall Street, after a major bank said it expects market conditions to worsen.

At an investor meeting in New York on Wednesday, Washington Mutual (nyse: WM - news - people ) executives said they expect the housing slump to continue well into 2008, leading to an increase in loan losses and a continued decline in mortgage lending. Shares of the bank plummeted 15.7% after the comments were reported, falling $3.80, to $20.43.

FLASH: Foreclosures soaring, and in mortgage meltdown cities failed flippers are just turning in the keys

Goodbye Florida.

Goodbye Arizona.

Goodbye California.

Goodbye Nevada.

And hello 50% falls in home values. No matter what lying realtors on commission try to tell you.

Subprime Mortgage Woes Push New Foreclosures to a Record High

WASHINGTON (AP) -- The number of homeowners receiving foreclosure notices hit a record high in the spring, driven up by problems with subprime mortgages.

Analysts said the problems in the formerly red-hot housing markets of California, Florida, Nevada and Arizona reflected in part speculators walking away from mortgages they can no longer afford.

During a five-year housing boom, the prices in these areas surged, creating what many analysts have described as a speculative bubble as investors bid up the price of homes hoping to quickly resell them for a profit.

Now with home sales falling, the inventory of unsold homes rising and prices stagnant, some speculators are choosing to default on their mortgages.

HousingPANIC Stupid Question of the Day

Won't everyone be surprised that those unsustainable home price gains were 100% driven by fraud, deception and speculation?

50% up, 33% down and we're right back where we started folks... Oh, what a wild ride it will be...

Oh, the shock! The horror! 90% of appraisers pressured to raise property valuations by corrupt REIC

More on a corrupt and unregulated system, one that will now crash the world economy. Seriously. The Great Unwinding was preventable, yet so predictable. Corruption, bribery and an out of control REIC will be to blame my friends. There should be no surprises from here on out.

Bribing or pressuring an appraiser should be a felony, 5 years in prison for the first time offense. And all appraisers should complete mandatory training and testing, and be employed by the federal government. The game is up. The crash will be the catalyst.

Appraisers Under Pressure To Inflate Values

With home prices softening and sales volume sagging in many local markets, real estate appraisers say that pressure on them to inflate values has reached pandemic proportions.

A new survey of the national appraisal industry found that 90 percent of appraisers reported that mortgage brokers, real estate agents, lenders and even consumers have put pressure on them to raise property valuations to enable deals to go through. That percentage is up sharply from a parallel survey conducted in 2003, when 55 percent of appraisers reported attempts to influence their findings and 45 percent reported "never." Now the latter category is down to just 10 percent.

"You've got a situation where sales are down so everybody in the deal needs it to go through" at the contract price -- the mortgage broker, the real estate agent, the lender and the sellers, said Alan Hummel, senior vice president of Forsythe Appraisals of St. Paul, Minn., one of the largest property valuation firms in the country with 40 offices and 190 licensed appraisers. Forsythe was a co-sponsor of the new study.

Loan brokers are now routinely "dialing for values," Hummel said. "They call up appraisers and say, we've got this sale at $335,000 at such and such an address. Can you get to that number?" If an appraiser answers yes, he or she gets the assignment. If not, the appraiser is bypassed.

Worse yet, Hummel said, when an appraiser comes back with a market value estimate that is lower than the sales contract price, the appraiser may not get paid for the work, and may be blackballed by the mortgage broker or real estate agent.