Bonds down SLIGHTLY after very poor auction results today. FNMA 4.5% bond is trading at about $101.81 which is 9 basis points below the $101.90 that it started the day at. Initial Jobless claims came in lower than expected but still showing that 521,000 people have filed for unemployment this last week. Dow is UP 61 points... Nancy Pelosi made a statement today that they are CONSIDERING extending the tax credit in Congress. WE are all hoping that they do...but thankful for the sense of urgency the current expiration date has placed on the markets. We are moving through the inventory readily in the first time home buyer market. IF the tax credit IS extended...I would have to assume it will not be the same as it is now. We will see though. Cheers,
Chad.
P.S.
We have had the opportunity to have regional directors for Met Home Loans underwriting and operations right with us in the branch over the last few days. It has been so valuable to connect with them and have them experience our market. I feel that their support helps us to continue to have the advantage in this marketplace. Somewhere between grassroots and corporate is the "sweet spot" any lender is looking for. We NEED the deep commitment to our local market and community to balance with the financial backing of a rock solid company. I feel like we are working toward that and have made great strides over this last year.
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