Mortgage Market Report for Friday January 11, 2008
Yesterdays rumors of the Bank of America buy out became the big news of the day is that Countrywide has been purchased for 4.1 Billion in a stock for stock trade. This buyout should stabilize Countrywide and prevent bankruptcy. This will also create the largest residential mortgage entity.
High volatility in the Bond Market continues. Mortgage Bonds have regained the ground they lost yesterday as Stocks trade lower on the heels of another round of sub-prime mortgage related corporate losses.
The speech from Ben Bernake is listed on this websiteFed Governor and voting FOMC member Frederic Mishkin is scheduled to speak at 12:45pm ET and Boston Fed President Eric Rosengren is speaking at 1:00pm ET. These speeches could have an impact on the markets.
The overhead resistance is being tested. These are multiyear highs. We would recommend to cautiously float at this close ceiling.
Thank you for listening to http://www.contactherrick.com/ We will have another report for you, your family, your friends and your important business contacts tomorrow.
A quote for Confucius
"Forget injuries, never forget kindnesses."
Roger Herrick
California Mortgage Broker
www.ContactHerrick.com
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