In a curious turn, Freddie just announced that it is piloting a new program designed to "keep more at-risk borrowers in their homes" which will be accomplished by using third-party servicers that specialize in servicing Alt A and other types of higher risk mortgages.

Just goes to show you never can win. Wells Fargo decided to cancel its Wynn Las Vegas boondoggle after someone leaked the dirty secret to the press, and now is stuck with the bill regardless.

• UPS Freezes Salaries and Suspends 401(k) match on biggest volume drop in decade (PR)
• Credit Suisse cutting bonuses by 55% (Bloomberg)
• Fitch is starting to sniff for a general obligation California downgrade (MarketWatch)
• $4.8
  

According to Usnews.com, we might have a Tarp 1 situation on our hands.

Hell hath no fury like the only hedge fund manager who is making money scorned. In a shocking turn of events for Paulson's M&A arbitrage fund (i.e.

Textron, the owner of business jet maker Cessna, posted atrocious results early today. Stock was down 30% at last check... This is unfortunately in line with our expectations that nothing good awaits the private jet maker and its peers.

Is anyone else getting tired of all these headlines about how Obama and his learned senators will only give aid to banks (and bail out the Western financial system) if the latter increase lending to consumers and companies? With all due respect, this is really dumb for two reasons: consumers actually don't want debt (kinda goes against the whole increasing savings concept) and companies actually have easy access to credit.