Rates are unchanged from yesterday’s levels. Mortgage rates do not know what to do after the government announced “bold” plans to shore up the financial system. This announcement leaked yesterday afternoon which is why the stock market has rallied over the past 24 hours. Treasury Secretary Henry Paulson announced this morning that the government would […]
Treasury Secretary Henry Paulson made it public this morning (this news had leaked yesterday afternoon causing stocks to rally in late trading) that the government would intervene in the financial markets to shore up confidence in the financial system. According the Wall Street Journal the government’s intervention could become “the largest intervention in the financial […]
In probably the most telling sign that the financial markets are a mess yields on short-term treasuries actually turned negative yesterday. WSJ.com reported on this phenomenon in this article. * “The desperation was especially striking in the market for U.S. government debt, long considered the safest of investments. At one point during the day, investors […]
WSJ.com featured a great article summarizing the problems we find ourselves in. You may access the article by clicking this link. Among the points that I found interesting- * “This has been the worst financial crisis since the Great Depression. There is no question about it,” said Mark Gertler, a New York University economist who […]
Rates are unchanged from yesterday’s levels which were sharply higher from the previous day. After dropping close to 500 points in each of the past two days, the Dow Jones Industrial Average is trading in positive territory thanks to creative efforts on the part of the Fed to restore confidence in the financial system. This […]
I came across this article in the Huffington Post today and the message resonated with me. Although the article is directed towards the advertising & media industry the underlying message is fundamental to all businesses. The author describes what I see as a dichotomy in many industries today. At one extreme is a push towards […]
This article on CNNMoney.com provides excellent answers for some questions that I had regarding the near failure of the nation’s largest insurer AIG.
Rates are sharply higher this morning following a steep sell-off in mortgage-backed bonds yesterday afternoon. The major piece of news this morning is that the government has stepped in to bailout the nation’s largest insurance business AIG. This is not a huge surprise because of the extent that AIG is intertwined into the broader financial […]
Rates are effectively unchanged this morning. There is A LOT to talk about this morning as crisis in the financial markets persists. Here is a summary of the major stories we’re falling that are likely to impact the direction of mortgage rates: → AIG: The nation’s largest insurer is close to insolvency. Analysts are suggesting […]
Mortgage rates are lower this morning. In Friday’s ‘rate update’ I referenced that credit worries regarding Lehman Brothers and Merrill Lynch were mounting. This morning I awoke to an interview on NPR stating that Lehman Brothers was filing for bankruptcy and Merrill Lynch would be avoiding a similar fait by agreeing to be acquired by […]