Housing Doom

It’s Friday, and with mounting foreclosures and rumblings at Lehman Brothers, I couldn’t help but think that Doomers would enjoy this video:

We welcome your comments on subprime losses, or anything else housing related.

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From Bloomberg yesterday:

June 5 (Bloomberg) — A Canadian judge approved a plan to convert C$32 billion ($31.5 billion) of frozen commercial paper to new notes that mature within nine years over objections of noteholders who have indicated they will appeal to retain their right to sue sellers of the debt.

Ontario Superior Court Judge Colin Campbell today said his only options were to accept the plan as proposed, giving immunity to banks and brokerages from lawsuits except in specific cases involving fraud, or to reject it.

“There is a need to restore confidence in the financial system in Canada,” Campbell said in his decision posted on the Web site of Ernst & Young LLP, the accounting firm appointed by the court to oversee the restructuring. “This is indeed hopefully a unique situation in which it is necessary to look at larger issues than those affecting those who feel that personal redress should predominate.”

The insolvent asset-backed paper hasn’t traded since August, when investors began to shun the debt because of concerns about links to high-risk mortgage loans in the U.S.

So Canadians- feeling more secure about your financial system now?

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