The Swiss Federal Banking Commission (SFBC) wants UBS and Credit Suisse to raise an additional $68.3 billion in capital (70 billion Swiss francs - 40 for UBS, and 30 for Credit Suisse) to avoid problems due to the banks' subprime exposure, expected write-downs and losses.

As Indymac's share price crossed into sub-dollar area (81 cents as of now), warnings are starting to emit out of Wall Street and Washington.

RBS analysts have warned clients to brace for a full-blown crash in the global stock-and-bond markets over the next three months as the conflicting realities of slowing growth and rising inflation paralyze the world’s major central banks - causing “all the chickens [to] come home to roost,” Great Britain’s Daily Telegraph newspaper reported.

Mozilo faces a barrage of criticism about the way he mishandled the company and brought it to the brink of bankruptcy, about his personal compensation, the extraordinary amounts he accrued by cashing in Countrywide stock in the months preceding the subprime mortgage crisis which decimated the value of the company's shares, and about using the company as a personal fiefdom to grant favors for frien

A majority of Bear Stearns shareholders approved a buyout of the company for about $10 per share by J.P. Morgan Chase & Co. at a brief meeting of shareholders at the Bear Stearns Headquarters in midtown Manhattan.

Should the Fed directly start lending directly to mortgage REIT investors and reduce their load by taking the mortgage-backed securities off their hands? If this does happen, it will, in one stroke, wipe out the impact of subprime mess, which has three parts - a) Home owners facing foreclosure, b) Investors holding tainted mortgage-backed securities, and c) A credit crunch.

A new joint Wall Street-Academic report titled 'Leveraged Losses Lessons from the Mortgage Market Meltdown' lays out the complete devastation of the subprime mortgage crisis ($400 billion), and it's ripple affect on the financial sector ($2 trillion) and on the economy (GDP loss of 1 to 1.5 perecent).