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Wednesday, September 30, 2009

Summary: Today and Tomorrow

by Calculated Risk on 9/30/2009 09:40:00 PM

A quick summary and a look ahead ...

  • The OCC and OTS Q2 Mortgage Metrics Report showed rising mortgage delinquencies and foreclosures. There is also a huge backlog of foreclosures in process. Also see: Modification Re-Default Rates

  • The Chicago PMI report showed declining business activity in the Chicago region.

  • ADP reported nonfarm private employment decreased 254,000. The BLS report for September will be released on Friday.

  • From the WSJ: CIT Draws Up Bankruptcy Option
    CIT Group Inc. upped the ante with its creditors by drawing up a prepackaged bankruptcy plan, two people familiar with the matter said Wednesday. ... Another person familiar with the matter said CIT likely wouldn't roll out the debt-exchange offer and prepackaged bankruptcy solicitation until late Thursday night.
    CIT would be the fifth largest bankruptcy in U.S. history behind Lehman Brothers, Washington Mutual, WorldCom and General Motors.


  • More employment reports: Challenger & Gray corporate layoffs, and weekly initial jobless claims.

  • Personal income and Outlays for August.

  • Auto Sales for September

  • ISM Manufacturing Index

  • Construction Spending

  • Pending Home Sales Index

    And Bernanke testifies on financial reform.

    So I apologize in advance for all the posts.