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.
Tomorrow
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.