The mortgage industry just received a nice boost! The Fed is going to buy Mortgage Bonds. The Federal Reserve just announced that it would purchase $600B of Mortgage-Backed Securities (MBS) backed by Fannie Mae, Freddie Mac, and Ginnie Mae. This move by the Fed is designed to help increase the availability of credit, while lowering fixed mortgage rates. And this move is already lowering mortgage rates so far today as Mortgage Bonds are up and appear destined to retest the price highs of 2008.”
Contact Jen Morris at Daniel Island Mortgage for mortgage info!
Jennifer Morris
Mortgage Consultant
843-375-1234 office
843-367-3162 cell
843-375-1242 fax
Daniel Island Mortgage, Inc
Call me to find real estate deals in Charleston! Linda Gordon (843)324-3476
November 25th, 2008 - 11:43 am
With the Treasury Secretary on his spending spree he surely isn’t trying to get a good return on the tax payers’ investment. The bailout was to buy up bad mortgage debt but it never did. What is the purpose of the fund? Paulson’s has warrants on many banks and they average 1 – 3 percent when enacted. Yet the cash investment is about 20 percent of the market cap. Maybe the next Treasury Secretary will be less erratic.
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