News stories tonight are trying to figure out how the freeze on mortgage rates will affect borrowers & lenders. There are a lot of worries that not enough borrowers will be helped. Lenders (who are now mortgage holders around the world after buying pools of mortgages) have to be biting their lips. They figure collecting payments with lower interest rates is preferable to foreclosing & reselling properties in a difficult time. Maybe, but the market values of mortgage portfolios have to be less with lower interest income. Interest rates cut by the FED on Tues will not solve these mortgage problems.
Tonight Asian markets are up following through on gains here. Oil is back at 90 and the Treasury bond rate is up to 4.0%. I think buyers will rule in tomorrow's markets here.
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