The Federal Open Market Committee met today and decided to keep the Federal Funds Rate between 0% and 0.25%. Below is a quote from a very good analysis on Businessweek: The FOMC stuck to its target range for the federal funds rate at 0% to 0.25%, and signaled that rates are likely to remain at [...]

The New Year has been good to mortgage interest rates so far. Rates are hovering at 5.00% these days. This is just the beginning because the Fed just started buying mortgage papers from Fannie, Freddie. Today the Feds bought $10.2 billion worth and they have a target of buying up to $500 billion by the [...]

There is a scandal brewing in Washington involving members of the Senate Banking Committee and Countrywide. Apparently these guys were getting “special deals” from Countrywide and are now pleading ignorance. I guess the trick is when you’re getting special treatment the best thing to do is not ask questions. I’ll have to keep that in [...]