Wednesday, November 26, 2008

Keep throwing money about finally something will work

U.S. Mortgage Rates Drop Most in Seven Years on Fed Debt Plan

U.S. mortgage rates dropped by the most in at least seven years as a Federal Reserve pledge to buy $600 billion of debt succeeded where seven cuts in the central bank’s benchmark rate had failed. This initative is intended to lower the cost of borrowing for home mortgages, for car loans, for small business loans, for student loans and for credit card debt. “I was sitting in my underwear getting dressed in the morning when it came on TV, and I told my wife, ‘Rates are going down today,’” said Henry Savage, president of PMC Mortgage Corp. in Alexandria, Virginia. “Instead of buying stocks in stupid banks, the government finally is going to make a move to clear assets from the market.”

Posted by mountain goat @ 01:48 PM (731 views)
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One thought on “Keep throwing money about finally something will work

  • “Instead of buying stocks in stupid banks, the government finally is going to make a move to clear assets from the market.”

    *Assets*

    oh. Is that what you call it.

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