Let’s see, the Fed cut rates by 25 basis points, but the market wanted 50, so the Dow dropped 294.26 points.

The WSJ is saying that the U.S. mortgage crisis rivals the S&L meltdown.

While it’s nice that they take it seriously, the US Credit/Insolvency crisis is already worse than the S&L meltdown. Still, it’s a good read.

Own to rent cost ratio, the real estate equivalent of P/E:

The discount for the mortgage packages:

And while we are at it, how about MBIA, the world’s largest bond insurer, getting $1B infusion from private equity firm?

This is not about someone finding a deal. It’s about a private equity firm keeping MBIA alive while they offload their piece of the big sh&%pile on some other idiot.

Also, Washington Mutual is closing offices and laying off more than 3000 employees, including a friend of mine, because of mortgage and credit problems.

Also, Freddie Mac is looking at $5.5-$12 billion in additional losses. That’s in addition to the $4.5 billion that it’s already lost this year.

At the rate this is going, it will be raining Katz and Hutton on Wall Street.

Watch out for jumping finance professionals.