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	<title>The Public Purse &#187; housing mess</title>
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		<title>Municipal Market Thoughts</title>
		<link>http://www.thepublicpurse.com/2010/05/16/municipal-market-thoughts-2/</link>
		<comments>http://www.thepublicpurse.com/2010/05/16/municipal-market-thoughts-2/#comments</comments>
		<pubDate>Mon, 17 May 2010 02:17:10 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[housing mess]]></category>
		<category><![CDATA[migration]]></category>
		<category><![CDATA[municipal bonds]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=945</guid>
		<description><![CDATA[Why is the municipal market selling at such a premium?  I have been asked this question several times in the last few weeks &#8212; not by career municipal analysts at mutual funds or rating agencies, but sophisticated investors who are trying to make sense of the asset class.  The counterpoint is coming from writers forecasting [...]]]></description>
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		<slash:comments>1</slash:comments>
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		<title>Municipal Market Meltdown?  Response to Bookstaber</title>
		<link>http://www.thepublicpurse.com/2010/04/09/municipal-market-meltdown-response-to-bookstaber/</link>
		<comments>http://www.thepublicpurse.com/2010/04/09/municipal-market-meltdown-response-to-bookstaber/#comments</comments>
		<pubDate>Fri, 09 Apr 2010 14:33:28 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[Budget and Finance]]></category>
		<category><![CDATA[Voter initiatives]]></category>
		<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[bond insurance]]></category>
		<category><![CDATA[housing mess]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[pensions]]></category>
		<category><![CDATA[securities lending]]></category>
		<category><![CDATA[states]]></category>
		<category><![CDATA[ballot initiatives]]></category>
		<category><![CDATA[community development district]]></category>
		<category><![CDATA[direct democracy]]></category>
		<category><![CDATA[liquidity]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>
		<category><![CDATA[municipal bond default]]></category>
		<category><![CDATA[ratings]]></category>
		<category><![CDATA[state and local politics]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=839</guid>
		<description><![CDATA[We have two opposing camps in the muni-market at the moment: those who say it is the next systemic shoe to drop and the rating agencies that are systemically raising ratings.
Which is right?
We have moved from a market that has had heavy intermediation from the bond insurance companies to one where investors are on their [...]]]></description>
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		<slash:comments>5</slash:comments>
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		<item>
		<title>From Mortgage Resets to Mortgage Recasts</title>
		<link>http://www.thepublicpurse.com/2010/01/14/from-mortgage-resets-to-mortgage-recasts/</link>
		<comments>http://www.thepublicpurse.com/2010/01/14/from-mortgage-resets-to-mortgage-recasts/#comments</comments>
		<pubDate>Thu, 14 Jan 2010 22:11:51 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[housing mess]]></category>
		<category><![CDATA[California]]></category>
		<category><![CDATA[fiscal stress]]></category>
		<category><![CDATA[Florida]]></category>
		<category><![CDATA[mortgage securities]]></category>
		<category><![CDATA[Nevada]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=534</guid>
		<description><![CDATA[A particularly toxic form of adjustable rate mortgage is going to hit the headlines in the spring and summer of 2010 with defaults, foreclosures and workout discussions extending into 2012.  “Option ARMs” also known as “Pick-a-pay” allow the borrower to choose how much to pay each month and reports indicate 94% of all borrowers paid [...]]]></description>
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