Overall, this was a calmer week for the mortgage industry. The Fed cut of rates to the discount window which brought heavy borrowing and some liquidity back into the secondary market.
The mortgage market continues transform before our eyes.
MarketWise Commentary
Week Ending September 7, 2007
MarketWise Commentary
Week of Ending September 15, 2007
Good news around the US Mortgage Market is trying very hard to make its way back into the headlines. This week the Fed cut interest rates by 50 bps which set back the bear market fans.
The distance between shockwaves from the nonprime meltdown seem to be slowing down.
The fallout from the subprime meltdown was felt by investors as several of the players provided earning guidance.
Wachovia, PHH, Citi, Fannie Mae and Indy Mac all reported negative news this week. As the mortgage meltdown continues to unfold, the damage assessment among the nation’s firms is not pretty.
On the heels of the Bank of America announcement that they are going to acquire Countrywide, there is a flurry of announcements and transactions.