Mortgage Rates January 21, 2009

“I used Turbo Tax” responded Timothy Geithner, “it was me not the software” at his Senate Finance Committee hearing.  As Bill Winterberg  CFP® Twitter (@BillWinterberg) commented “think one must override TurboTax’s automatic calc of SE tax and SE 1/2 deduction”.  My question is why is Timothy Geithner doing his own taxes?

Another BAD day for Mortgage Backed Securities equals another bad day for Mortgage Interest Rates (See Real Time Mortgage Rates).  The DOW bounced back after yesterdays Obama’s Inauguration sell off.  Thursday the FED announces its weekly MBS procurement numbers, we still have $467B and six months to go.

Financial stocks CEO stepped up to the plate to show their confidence, in an attempt to rally investors after yesterdays beat down.  Kenneth Lewis CEO Bank of America purchased roughly $1.2 million in Bank of America common shares, while Jamie Dimon CEO JPMorgan Chase & Co. disclosed he has acquired $11.5 million since the start of the year.

In Obama’s first real day on the job he caped salaries on White house employees making more the $100k a year, he also took the time out to retake the Oath of Office after yesterdays fumble/stumble.

Fun site of the day:
Interactive Standard & Poor’s/Case Shiller Housing Index.
Note: Case-Shiller Index‘s two obvious flaws — (1) it only counts repeat sales on single-family residences, and (2) it only includes 20 major housing markets — the model is helpful in identifying broader real estate trends in our nation’s largest cities.

Image source: TurboTax.com

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