Thursday morning headlines

More borrowing for Countrywide: The Calabasas-based mortgage lender says it's getting another $12 billion in borrowing capacity through new and existing lines. No details, other than company President David Sambol saying that Countrywide "will be a long-term beneficiary of the current conditions and corrections in the mortgage industry." The market certainly likes the news; Countrywide shares are up sharply this morning. Also, the company said it funded 17 percent fewer new home loans last month, which is not much of a surprise considering what's been happening in the credit markets. (Bloomberg)

Inventories keep rising: The number of homes listed for sale in L.A. rose 3.7 percent in August from a month earlier, according to figures cmpiled by ZipRealty. That's a smaller gain than the SF, Seattle and San Diego markets, but higher than OC and Vegas. Higher percentages would suggest cooler markets. Inventories were up about 18 percent from a year earlier in 14 metro areas covered in the report. (WSJ) ZIP code report: A Dataquick survey shows that 71 percent of Socal's ZIP Codes showed price declines (the survey excluded areas with 14 or fewer sales). (LAT)

Don't speak English: New Census data shows that more than 53 percent of L.A. residents speaking a language other than English at home. Not that there's anything wrong with that, but people who speak other languages at home are often not proficient in English - and that usually leads to lower wages. Here's a telling factoid: Among people living below the poverty line, 56 percent speak a language other than English in the home, compared with 41 percent for those above the poverty line. From the LAT:

"Isolation is problematic," said Lane Ryo Hirabayashi, chairman of UCLA's Department of Asian American Studies. "While it reflects the strong ties to the home country, it also suggests that folks in this situation are inherently more cut off from society and less able to participate and take advantage of opportunities here." And the isolation is also felt by some English speakers living in areas where foreign languages are prevalent. Dental office administrator Mia Bonavita, 39, recently moved from San Diego to Monterey Park, where business at many stores is done in Chinese. Bonavita says the language barrier is difficult. "I feel like an outsider," she said. "It's difficult to get to know your neighbors."

Worries about oil: After an extended stretch of $70+ prices, the prospect of reaching the big 8-0 is causing concern. The economy is not nearly as resilient as it was last year and inventories are much lower. That's a problem in case of some big supply crunch. Already, gasoline prices are edging higher after a summer of steady declines. (WSJ)

Pollution decision: A federal judge upheld a state's rights to require vehicles to emit fewer pollutants. U.S. District Judge William K. Sessions III ruled that emissions standards based on a 2002 California law weren't "sufficiently draconian," noting his confidence that automakers have the ability to build cleaner cars. From the LAT:

The relatively new emissions rules in California, Vermont and a dozen other states focus on limiting the release of carbon dioxide and other so-called greenhouse gases that contribute to rising global temperatures. The rules' implementation could boost the average fuel economy of gasoline-powered cars to an estimated 43.5 mpg in 2016 from 27.5 mpg today, according to James Tripp, an attorney with Environmental Defense, one of the parties in the Vermont and California lawsuits. The domestic and foreign auto companies that filed the suits in Vermont and California said in a statement that they were "weighing their options, including an appeal."

AEG defends earmark: That's Anschutz Entertainment Group, which got the Legislature to approve a bill in the middle of the night that will tap millions of dollars in state affordable housing funds to spruce up an area downtown that happens to be next to AEG's $2.5-billion L.A. Live development (at least they didn't get them to do it on the Jewish high holidays). The day-after stories are pretty predictable: AEG says none of the money will go to LA Live itself (which, by the way, is heavily subsidized), and the pols are saying that AEG's political donations had nothing to do with their vote. (LAT)

Hollywood on My Space: The folks who did the ABC series “Thirtysomething” will be producing an original Web series. "Quarterlife," which is about young people finding their way after college, will look like a regular TV show - and have network-caliber writers, directors and production crews. New shows will be posted on Sunday and Thursday nights. From the NYT:

Networks and studios have been scrambling to find their footing on the Web, even as artists like Matt Stone and Trey Parker, the creators of “South Park,” are making lucrative deals to receive payment when their shows hit the Web. Filmmakers like Joel and Ethan Coen and stars like Will Ferrell, meanwhile, are feeding original material to Web-based companies like the newly formed 60Frames Entertainment or FunnyOrDie.com.

Poor Britney: The NYT takes a look at her now-infamous flop at the MTV Video Music Awards, which was really a continuation of her pathetic efforts to return to performing after a long hiatus. But here's an interesting slant: For all the talk about her train wreck, Spears has one hot song: "Gimme More." Ringtones based on the single are being sold on mtv.com and early demand was so heavy that the servers handling the orders crashed. A star is reborn? (NYT)