Saturday, January 16, 2010

For Sale: 1BR/1BA Co-Op in Little Neck, NY, $169,000

For Sale: 1BR/1BA Co-Op in Little Neck, NY, $169,000

One bedroom upper with renovated bathroom. Washer/Dryer Included. Attic. Two parking spaces. NO FLIP TAX. Monthly Maintenance Includes all utilities, Snow and Garbage Removal, Private Security, And Real Estate Taxes. Sd# 26. Close to express bus, LIRR & highways. 20% down required.

For Sale: 1BR/1BA Co-OLittle Neck in Little Neck, NY, $173,777

For Sale: 1BR/1BA Co-OLittle Neck in Little Neck, NY, $173,777

Thursday, January 14, 2010

Should the Fed Keep Buying Mortgage Backs?

The Federal Reserve should continue to buy mortgage-backed securities past its self-set deadline of April 1, James Bullard, president of Fed Bank of St. Louis, told an audience in Shanghai on Monday.

Bullard argued that the Fed should continue the purchases “at a low level initially” and monitor the result to determine whether it needs to increase the purchases to add more liquidity – and stability – to the market.

Bullard also said the Fed Open Market Committee will discuss the issue at its meeting later this month.

Source: The Wall Street Journal (01/10/2010)

Monday, January 11, 2010

Fed: It's Time the Market Stands on its Own

April 1 will be the first day that the Federal Reserve will end its debt purchase program and allow the struggling U.S. mortgage market to operate unassisted. As a result, the Fed believes mortgage rates will rise about three-quarters of a percent to about 6 percent, Boston Fed President Eric Rosengren said Saturday.

Fear of a worldwide perception that the U.S. government is simply printing money to use to purchase mortgage-related securities is a big reason the Fed has pulled back, analysts say. If that fear caused a sell-off of U.S. government bonds, it would push borrowing costs substantially higher and derail the economic recovery.

"We are still in uncharted waters," Fed Vice Chairman Donald Kohn said in an unrelated speech Saturday. "We will need to be flexible and adjust as we gain experience."

Source: Reuters News, Pedro Nicolaci da Costa (01/08/2010)