by Calculated Risk on 8/08/2011 11:21:00 AM

• Another down day for the stock market. Of course there is a flight to quality with the U.S. 10 year yield down to 2.38%.

• On Friday, S&P said they would announce thousands of downgrades based on lowering their view of the U.S. credit rating. From Reuters: S&P cuts Freddie Mac, Fannie Mae after U.S. downgrade. Any credible rating agency would have done it all at once.

• From USA Today: Obama to speak at 1 p.m. on downgrade.

Weekend:
• A long Summary for Week ending August 5th
• Mortgage Delinquencies and REOs
• Schedule for Week of August 7th