Today Mortgage Rates ended where they started.  Prior to Obama’s Foreclosure Plan speech  MBS reached their worst, which I am confident, put lenders fingers on the trigger.  During the speech the majority of the losses were recouped.  Overall we did see a good amount of action in the MBS today, which ended the day negative 12pb.

Quickly following Obama’s speech was FED Governor Ben Bernanke’s release of minutes from the Federal Open Market Committee January meeting.  The FED stated there is “no indication that the housing sector was beginning to stabilize” and the swiftness of the economic pullback was unexpected.  Given 2008 marked the fall of modern day Rome, how long did the FED think it would take?  More discussion of Nationalized Banks surfaced today.  I will do my part as a FREE Market Capitalist to thwart the possibility.

Given Obama’s New Stimulus has passed; I am confused to why there is limited stimulus to what truly ails us.  Please note the Stimulus did NOT include the mythical 4% mortgage rates many borrowers were clamoring for.  This is it; Obama has laid out all of his Financial Plans to fix the Housing Crisis.  I am not confident that it is enough. We will soon see.

[where: Seattle, WA] [where: Phoenix, AZ] [where: 98019] [where: 95012]

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