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Daily Bond report

By
Mortgage and Lending with karlmenzer.com

 

Friday, July 11, 2008

And so it goes again.  The bond started off on a very good note today up almost 60Bp toucing the 100 & 200 day moving average. All signs pointed to yes today and then...  Treasury Secretary Henry Paulson came out this morning with a short and not too sweet speech about how they were going to do something about Freddie and Fannie's financial crises. The not too sweet part was not explaining the when and how of it.  This initially hurt the Dow bringing it down well over 200 points and putting it below 11,000 for the first time in 2 years. The bond held ground most of the day, but trading took a turn for the worse about an hour and a half ago under fears that the government may just step in and take over the whole thing as opposed to the recent bailouts we have seen. Let's remember that the FNMA part of that bond is after all Fannie Mae.  Although it is likely we will see a really soon, we are firmly in the lock em' as you get em' mode.

Karl Menzer

http://www.tooelehomeloans.com

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