Friday, August 31, 2007
Waiting Before Benanke
Bit of a struggle Thursday between Bulls and Bears left the markets slightly down. The SPX finished down 6.12 at 1457.64.
The Bush administration is apparently going to announce today (Friday) plans to help subprime mortgage customers if they face repaymnet difficulties. Under the plans, the Federal Housing Administration mortgage insurance program will be changed to allow more people to refinance with FHA insurance if they fall behind on adjustable-rate mortgages. It is hoped this will stem a wave of subprime repossessions and save the markets! So far Traders love it with the futures up strongly as I write.
Bernanke is also speaking today and it is hoped that he will be giving some indication as to whether the Fed will cut interest rates...however I suspect he will be keeping his mouth firmly closed on this subject.
Until next time.
The Bush administration is apparently going to announce today (Friday) plans to help subprime mortgage customers if they face repaymnet difficulties. Under the plans, the Federal Housing Administration mortgage insurance program will be changed to allow more people to refinance with FHA insurance if they fall behind on adjustable-rate mortgages. It is hoped this will stem a wave of subprime repossessions and save the markets! So far Traders love it with the futures up strongly as I write.
Bernanke is also speaking today and it is hoped that he will be giving some indication as to whether the Fed will cut interest rates...however I suspect he will be keeping his mouth firmly closed on this subject.
Until next time.
# posted by Paul @ 5:52 AM 
