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Is it good news? Absolutely! A necessary and well-past due move. Finally SOMETHING directly to the housing and mortgage industry
By now you know; the Fed made major moves this afternoon to lower mortgage rates and keep long term treasuries from increasing in yield. Re-capping; the Fed will increase the amount of MBSs it will purchase by $750B, taking the overall total to $1.25T of MBSs purchases this year (the original amount the Fed agreed to was $500B). The Fed will increase by $100B the amount of Fannie and Freddie debt taking the overall to $200B in notes to be purchased. The third leg; the Fed will buy at $300B of long term treasuries in the next six months. Entire Fed statement  (copy and paste) 
It has taken two hours to settle the markets down after the FOMC statement; and we don't expect complete settling for the next two days. Is it good news? Absolutely! A necessary and well-past due move. Finally something directly to the housing and mortgage industry; but it isn't likely to be an easy re-finance boom as we had in the days before the sub prime mess finally ended. As our friend Lou Barnes reminds, the mortgage origination system has been decimated with very little warehouse money available and most lenders turning away from brokers (Chase, the ... more

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