Tuesday, September 11, 2007

Good news from the mortgage market

Here is the good news from a newsletter from Mark Cohen: "Last week was the most positive for the mortgage market in the past three months as liquidity started to return. It appears that for the most part, the worst is over for the mortgage market as yields are at high enough levels that the lenders and investors are willing to lend. This should not come as a surprise as it appears that the Fed is going to cut rates in the very foreseeable future. This became evident, immediately after the August employment report was released on Friday which showed a decrease of 4,000 jobs which was substantially weaker than the forecast 100,000 job gain. The feeling is that the U.S. could possibly be headed for recession as the weakness in the national housing and mortgage market starts to expand to the broader economy. I feel that the Fed does not really want to cut rates because it still feels that the worlds leading economies are strong and that inflation pressures still overhang our economy. However, the market is pushing the Fed to make the necessary rate cut. "

Mark Cohen was once again recognized as California's #1 Individual Mortgage Originator, according to Mortgage Originator Magazine (April 2007).Mark has now received this honor every year for the last 8 years.


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