What a day!
The Treasury Secretary announced a major infusion of capital into the consumer market and introduced the public to TALF.  Mortgage Securities appreciated the injection and in return we saw rates drop across the board.  This could be the first leg in the credit thaw.  The TALF announcement overshadowed the negative GDP decline of -.5%, which is result of constriction in consumer spending (the largest in 28 years).  The drop in rates is a positive, this should be first step in credit availability and hopefully will eventually lead to easing guidelines which will make it easier for homeowners to purchase and refinance.  The credit may be in the market, guidelines are still tight.

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