From Blooomberg.com.  For the first time in thirty years the Federal Reserve had an emergency meeting lowering the discount rate by a quarter of a percentage point to 3.25%.  Mortgage rates will lower but now finding the money to back the mortgages is becoming an issue.  Bernanke says this should cure the ills of our economy, let's hope so.

The Federal Reserve, struggling to prevent a meltdown in financial markets, cut the rate on direct loans to banks and became lender of last resort to the biggest dealers in U.S. government bonds.

In its first weekend emergency action in almost three decades, the central bank lowered the so-called discount rate by a quarter of a percentage point to 3.25 percent. The Fed also will lend to the 20 firms that buy Treasury securities directly from it. In a further step, the Fed will provide up to $30 billion to JPMorgan Chase & Co. to help it finance the purchase of Bear Stearns Cos. after a run on Wall Street's fifth-largest securities firm.

From Bloomberg, read the rest of this articcle, here.

Miriam Bernstein, CRS, ABR, GRI, e-Pro, SRES       
Associate Broker, Licensed in the State of New York
RE/MAX Prime Properties, Westchester County, New York 10583
www.MiriamBernstein.com
"Content of this blog is solely my opinion"