Relevant:
- Mortgage-Backed Securities Market Rocked by Thornburg Default
- Foreign Cenbank Agency Debt Selloff Accelerates Inexorably
- Fed Will `Twist' To The Tune of $400B; Reinvest Agency Debt
- How low will mortgage rates go?
- Mortgage Rates 11-17-10: Mortgage Rates Stabilizing at Higher Levels, Jumbo Loan Rates Unchanged
2008-12-01 — ml-implode.com
Over the past few days the relentless pump over 5.5% is an absolute red herring. The media and Wall Street analysts should not be quoting mortgage rates because they are committing the greatest ‘bait and switch’ of all time. They are going to make thousands of loan officers around the nation look like crooks because 5.5% really does not exist for most.
TARP II hasn't saved the day yet? I'm hopeful. Or maybe...
In closing DON’T BELIEVE THE HYPE folks. I maintain that this move was not necessarily to ‘help’ borrowers with lower rates, rather to talk Bond prices better so the likes of Bill Gross and foreign central banks can sell Agency securities. Agency securities had been coming under serious pressure for the past couple of months. See my most recent post on the subject below.
... Oh.
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