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cut: Wall Street Rocked by Credit Fallout; the Definition of a Flight-to-Quality - 09/15/08 12:19 PM
If there is rock & roll playing in lower Manhattan this morning, it is probably The Doors' "Peace Frog", as investors awoke to a market seeing financial giants Lehman Brothers, Merrill Lynch, and American International Group all discussed in badly negative news. 
Lehman, a troubled investment firm with major investments in the mortgage market filed for Chapter 11 Bankruptcy this morning.  Its stock has declined from over $65 at the beginning of 2008 to less than a quarter this morning.  The company had sought government intervention or an outside buyer over the past 10 days, but when none was forthcoming, found … (1 comments)

cut: Bernanke speaks to congress - 02/14/08 12:55 PM
Treasury Secretary Hank Paulson joined Federal Reserve Chief Ben Bernanke in congress today, and said that they don't expect the US economy to experience a recession in 2008, rather they see slowing growth, with a total increase of 1.8% over the 2007 Gross Domestic Product increase. 
The market was not impressed. 
Long-term rates had already started to move higher late yesterday, and they continued today, pushing many quoted 30-year fixed mortgage rates to 6.0% or higher.  Meanwhile, the stock market moved lower, with all 3 major indices off by about 1%. 
The Chief did indicate he was ready to cut rates … (0 comments)

 

Dan Hartman

Providence, RI

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Province Mortgage Associates - (401) 263-8655

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Dan Hartman's Blog about mortgages, real estate, and the economy in New England, and the United States, especially Rhode Island Rates, Connecticut Mortgages, Massachusetts Rate Locks, and New Hampshire Home Sales. Let Dan leverage his MBA in Finance and experience as a college professor for you! Locations of visitors to this page Site Meter


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