Mortgage Rates January 13, 2009

Mortgage rates remained relatively unchanged today (see real time rates).

In a speech today Bernanke suggest “the next step should be getting toxic assets, like those tied to subprime mortgages, off bank balance sheets”. (See video)  With Seattle being one of the few that has managed to weather the storm this far, comes news that FHLB Seattle’s capital ratios are teetering and could miss the mark.

Also today The National Community Reinvestment Coalition (NCRC) proposed an absurd solution of Eminent Domain to resolve the current Housing crisis. I am strongly positioned as a neo-classical and believe the NCRC has to be joking to even suggest such a ridiculous thing. See for yourself Use TARP Funds Immediately to Address Foreclosures. We have already nationalized our banks we can stop there.

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