Southern California will be collectively preparing for what is predicted to be one big earthquake. How will we prepare? With one great big simultaneous earthquake drill. The expected 7.8 magnitude, 3 minute long quake, is expected to cause a great deal of damage (Plans for massive earthquake drill unveiled, Pasadena Star News). It is good to hear that we are beginning to take precautions before, rather than after, the damage has been done.
New York sets rating agency fee reforms (Reuters) - "The three top credit rating agencies struck a pact with New York's attorney general on Thursday to change the way they charge fees for reviewing mortgage-backed securities, the latest development in a probe into the U.S. home loan industry." As the government probes further and further into every nook and deep dark hidden filing cabinet, fingers continue to get pointed left and right. Restructuring the way credit companies charge doesn't appear to be the most effective use of their time. Hopefully it will have some positive affect on the market.
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Altadena family shows off 50-year restoration (Pasadena Star News)
Homes in foreclosure top 1 million (CNNmoney.com)
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