Today brings the release of no economic reports. The big news of the day is Sec. Paulson giving more details of the
government program to remove bad debts off of banks books. Before Sec. Paulson's press conference, mbs fell
dramatically, but as he was announcing more of the details mbs improved back to unchanged levels from yesterday's
pricing. Sec. Paulson, specifically stated that he wants more buying of mbs. This is good news as more buying
increases price and lowers the yield which lowers mortgage rates. During his speech he said they were going to get
the government sponsed entitiy's(fannie and freddie) to buy more mbs. This is positive news for us, but continued
viotility will remain.
It appears the roller coaster ride will continue and as we get more details of this new government program we will
keep you posted.