As you may or may not know the Federal Reserve has announced an $800 Billion dollar plan to jump start lending! Specifically to purchase $500 billion in mortgage backed securities --- but what does this really mean to your borrowers ---- well take a look at today’s rates!!!! We have a great formula for success LOW RATES + LOW PRICES + TAX CREDIT = GREAT REASONS TO BUY!!!
The Federal Reserve, the nation's central bank, announced it will purchase up to $500 billion in mortgage backed securities that have been backed by Fannie Mae (FNM, Fortune 500), Freddie Mac (FRE, Fortune 500) and Ginnie Mae, the three government-sponsored mortgage finance firms set up to promote home ownership. It will also buy another $100 billion in direct debt issued by those firms.
"This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally," said the statement from the Fed.
CNNMoney.com
Entire Article Can Be Read Here
http://money.cnn.com/2008/11/25/news/economy/paulson_consumer/?postversion=2008112512
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