New York Times: Examining the Financial Crisis
Reporter Gretchen Morgenson discusses an upcoming New York Times series of articles examining the causes of the current financial crisis.  See Video by Gretchen Morgenson

How the Credit Crisis Unfolded
The extent of the credit crisis that unfolded from the morning of Sept. 17 to the afternoon of Sept. 18. was unseen to the public but spooked policy makers into action. Read more...

Countrywide to Set Aside $8.4 Billion in Loan Aid
Countrywide Financial has agreed to the largest program ever to modify home loans, as part of a settlement with officials in 11 states, just days after the federal government adopted a giant financial rescue package without any relief for distressed homeowners...The terms of the settlement do not address Angelo R. Mozilo, the former chief executive of Countrywide Financial, or David E. Sambol, the company’s former president. The states had included both as defendants. Mr. Brown said he would pursue litigation against both men. Neither could be reached for comment.

KLRU TV (DucuBloggers) - Special Report Texas Two-Step
Texas is not considered a swing state in the presidential election, but a few months ago, I found some poll data on state-level races that seemed awfully close for what would usually be solid Republican areas. Since I’m originally from California, it was a big surprise for me to learn that the Texas Democrats only need 5 seats to win control of the house of representatives in a typically red state...In Hutto, Round Rock, and Taylor, I found people with conservative values - some who told me they would never sway from the Republican Party line, and others who had grown frustrated with existing problems in housing, education or the economy, who were determined to vote Democratic this time around.  View Report

‘Governor Handout’ Trashes the Bailout
As the planet struggles to comprehend—and contain—the global meltdown of credit markets, Texans face the added burden of trying to understand their governor’s bewildering position on the crisis... With the $700 billion bailout hanging in the balance in Washington on October 1, the Texas governor who heads the Republican Governors Association issued a joint statement with the head of the Democratic Governors Association urging Congress to “leave partisanship at the door and pass an economic recovery package.” When local media reported this endorsement, however, Governor Rick Perry issued a statement that said, “In a free market economy, government should not be in the business of using taxpayer dollars to bail out corporate America.” Hitting a rare populist stride, Governor Perry added, “We’re certainly not interested in Washington bailing out a bunch of irresponsible mortgage brokers in an industry that has too often been run on greed.”....Trumpeting what he called the “crowning jewel” of the Texas Enterprise Fund at a 2004 press conference, Governor Perry awarded $20 million in taxpayer money to Countrywide Financial to create 7,500 Texas jobs over six years...  Read Texans for Public Justice full report

Supreme Court ruling goes against large homebuilders
Nevada homeowners don't have to be the original purchasers of their domiciles to be protected under the state's construction defect laws.  Supporters are hailing a Nevada Supreme Court ruling in the state's largest construction defect case as reaffirming the rights of buyers of resale homes to sue for construction defects that went undetected by the original owners. The state high court denied the writ of builder Del Webb and subcontractor Anse requesting the removal of more than 700 Sun City Summerlin homeowners from the massive lawsuit.

When homeownership joy turns into homeownership hardship
For many, living the American dream means owning a home, but what happens when the home you buy is suddenly worth half of what you paid? That’s what some consumers in a Lennar homes subdivision say has happened to them. They are complaining of faulty home foundations that are shifting their homes and causing all sorts of problems.

3 Are Accused of Collecting $1 Million From Buyers for Houses That Were Never Constructed
They promised to deliver brick-front colonials in a sparkling new subdivision in Upper Marlboro, homes on as much as an acre of land for as little as $370,000. Instead, the home builders and the mortgage broker pocketed payments from 11 buyers and left them empty-handed, Glenn F. Ivey, state's attorney for Prince George's County, said yesterday. The builders and broker are accused of collecting about $1 million for homes that were never built in what was to be the Kings Grant subdivision. "We felt these defendants were trying to steal the American Dream," Ivey said as he announced charges against the three. "And we want to get the message out that we will prosecute."

Overhaul coming for TRCC
Sandee Bradshaw, a homeowner in the Legends of Hutto neighborhood who was present at a public hearing at the capitol Sept. 23, said she and her husband Frank have spent years petitioning the TRCC to force Lennar to address structural problems with their house. She believes the agency lacks the teeth needed to pressure the homebuilder to action. “Builders are not concerned about responding promptly to the TRCC,” she said. “[TRCC] cannot impose any penalties against the builder. From what I can see, they’re not an enforcement agency.” Bradshaw, and other proponents of overhauling the commission, including Archer, said licensing homebuilders will give homebuilders an incentive to comply with the agency. “I think that builders need to be licensed and they need to answer to some type of regulatory department,” Bradshaw said. “Then they’ll make sure that when they’re building homes, they build them right.”

Texas houses - Story of three little pigs and the big bad wolf named Ike!
"Texas Building Codes are non-existent or have been significantly weakened by the powerful building industry lobby.  Builders are not licensed and for the most part the workforce is untrained to build homes properly. Judging from the devastation of hurricane Ike, clearly the codes were not adequately enforced," says Janet Ahmad.