Archive for the ‘Economy Status Reports’ Category
Indymac Bank closes their doors to new business.
Written by admin on July 8, 2008 – 10:18 am -In a shocking announcement on Monday, Indymac Bank has shut down it’s wholesale and retail operations.
Luckily for consumers who had loans about to fund with them, they will most likely still go through. They are just not allowing new submissions or new rate locks.
Just when we thought all the big banks still remaining had made it through the mortgage meltdown, Indymac releases this news. It will be interesting to see how this plas out and we will keep you posted.
Posted in Economy Status Reports, Home Loan Lenders | No Comments »
The Federal Reserve did not lower interest rates this time.
Written by admin on June 25, 2008 – 3:12 pm -The Federal Reserve held interest rates steady and said the risk of inflation has grown but stopped short of signaling that higher interest rates were coming soon. The decision by the U.S. central bank, announced at the end of a two-day meeting, leaves the benchmark federal funds rate at 2 percent.
(Source: http://www.cnbc.com/id/25370711 )
We shall see how this plays out, but it looks as if the long term mortgage rates will start to come back down with this news. That is great news for everyone looking to get a home loan.
