Reason Morning Links: Impeachment Hearings for Sanford, Massacre in the Phillipines, Banks Told To Pay Up

• One in four U.S. homeowners under water on mortgage.
• Mass murder in the Philipines includes journalists, family and supporters of political candidate.
• Fed asks nine banks to submit plans on how they'll repay TARP money.
• Britain opens inquiry into Iraq war.
• South Carolina legislators begin impeachment hearings against Gov. Mark Sanford.