Talk of bond insurer rescue spurs late stock rally
NEW YORK (Reuters) - U.S. stocks rallied late on Friday on news that banks were near an agreement to bail out bond insurer Ambac Financial, a deal that could prevent further damage to the banking industry and credit markets.

Subprime loans defaulting even before resets
NEW YORK (CNNMoney.com) — For months, we’ve fretted about the Armageddon that will hit when subprime adjustable rate mortgages start resetting to much higher interest rates. What’s happening is even worse: Many of these loans are defaulting well before their rates increase. Defaults for subprime loans issued in 2007 - none of which have reset yet - hit 11.2 percent in November. That represents perhaps 300,000 households, and is twice the default rate that 2006 loans had 10 months after being issued, according to Friedman, Billings Ramsey analyst Michael Youngblood.

Rescues for Homeowners in Debt Weighed
Not since the Depression has a larger share of Americans owed more on their homes than they are worth. With the collapse of the housing boom, nearly 8.8 million homeowners, or 10.3 percent of the total, are underwater. That is more than double the percentage just a year ago, according to a new estimate of the damage by Moody’s Economy.com.

City asks people to ‘adopt’ vacant houses
With the number of boarded-up homes increasing because of foreclosures, Minneapolis city officials are encouraging neighbors and block clubs to “adopt” a vacant property on their block.

GMAC, ResCap cut deeper into junk, may sell a unit
NEW YORK (Reuters) - GMAC LLC and its Residential Capital LLC mortgage unit were cut several notches deeper into junk status by Standard & Poor’s, which said mounting mortgage losses might require new capital injections… ResCap is the largest independent U.S. mortgage lender after Countrywide Financial Corp, which agreed last month to be acquired by Bank of America Corp.

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