Here we go!

Downey (DSL) reported earnings this morning; net income fell 1.9%. the Edgar filing is not yet up. There appears to be some "fanciful thinking" regarding loan loss reserves from the original data released in the PR, but full analysis will require the full 10Q filing...... Also, never good news, SG&A rose significantly while interest and GoS fell.

Colonial (CNB) reported a minuscule (0.3%) increase in net income. Non-interest income grew significantly (more PayOption accrual?), net deposits up significantly, and net chargeoffs are - so far anyway - minuscule. Their residential loan programs have, however, never been the issue - its the over-leverage in Florida construction loans. Again, more as I am able to analyze the filing; the Edgar release should show up on this one during the day today as well.

No BPOP (Banko Popular) yet.

And we've got PIMCO on CNBC this morning, saying that they believe housing is 20% overvalued and will "correct". (Anyone else think that a 20% decline in home prices would be something a bit more dramatic than a "correction"?)

USNA is strongly down premarket, WM down about 20 cents from last evening, but still up strongly from the close last night. Remaining premarket indications are mixed; all futures down fairly significantly, with the NAS being the worst in that regard.

Mortgage applications were also down strongly; down 2.5% week-over-week. Also, adjustables (including those nice PayOption ARMs) were down to 18% of applications from 30% a year ago (gee, do you think that perhaps - just perhaps - people are starting to wise up as to the toxic-waste nature of these loans?) Refi applications were also down.

Foreclosures up BIG today - and up 47% YOY! Seven percent increase this month. Just hit the wires.... analyzing this one too, but I don't see how you spin that as good news.

Update on Washington Mutual (WM) - They're now pledging $2B in "assistance" to bail out their subprime borrowers. As noted in my posting of last night, they burned the furniture making the quarter last night. Are they now into chopping up walls and doors to feed the stove? Gee, anyone think this is in some way good?

Will be updated as more data comes out. Sorry its light - but - right now - so is the data!