Mortgage Headlines
- Strong Close In 2008 For Existing Home Sales
- Mortgage Rates Jump For The First Time In 12 Weeks
- Mortgage Rates For January 15th 2009
- No Shortage Of Foreclosures
- Mortgage Rates For January 14th 2009
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New York Fed Starts Mortgage Backed Security Purchases
The Federal Reserve Bank of New York has announced that it will begin to purchase fixed rate mortgage backed securities that are guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae.
The New York Fed stated “Selected private investment managers are acting as agents of the New York Fed in these purchases.” These investment managers include BlackRock Inc., Goldman Sachs Asset Management, Pacific Management Investment Co. and Wellington Management Co.
According to the New York Fed, complete details will be available on their website beginning Thursday January 8th and will be updated every Thursday thereafter.
The mortgage purchase program was first announced on November 25th and is now being used to help drop mortgage rates to lows that have never been seen before. The 30 year fixed mortgage rate has been on a downward spiral for 8 weeks, reaching a record low of 5.10 percent according to Freddie Macs’ Primary Mortgage Market Survey.
Submitted by admin on 01/05/09
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