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"25 Years of Mortgage Experience"
Providing a superior level of informed services to buyers and sellers throughout Connecticut.
Fairfield County Mortgage Company
200 Mill Plain Road
Fairfield, CT 06824
Peggy Keegan
Tel: (203) 545-2131
Email: PeggyKeegan@gmail.com
Anne-Marie Keegan
Tel: (203) 947-4586
Email: Annemarie.keegan@gmail.com
Diane Galatie
Tel: (203) 259-9999
Email: dgalatie@optonline.net
Contact us for the most up to date mortgage information.
Make Us Your
First Call- it may be the ONLY call you need to make!!
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Good Morning - March 02, 2009
Headlines
• FDIC Board Meeting including Assessment Changes
• Politico: Budget Gamble, Why Obama Went Big
• LAT: California unemployment rate reaches 10.1%
• Treasury and Federal Reserve Board Announce
Participation in AIG Restructuring Plan
• NYT: Ukraine Teeters as Citizens Blame Banks and
Government
Market Notes
The yield curve steepened on Friday as the short-end of the Treasury market
rallied while stocks fell to new lows. Both the Dow and the S&P hit new
12-year daily lows. Fannie Mae reported a $25 billion fourth quarter loss and is
tapping the Treasury for $15 billion in capital.
Two banks failed on Friday and were sold by the FDIC. The market continued to
grapple with the President's budget proposal and the continued banking
struggles. On Friday, the FDIC board announced increased assessments. Over the
weekend, continued focus on banks' tangible capital ratios
was highlighted in Barron's, which noted that BofA, JP Morgan, Wells Fargo, and
a number of other banks have less than 4% of assets in tangible capital. This
morning, stocks continue to decline following negative overnight news from
around the globe.
HSBC had a devastating fourth quarter, will shut its US units except for
credit cards, and will seek to raise additional capital. Eastern Europe is
struggling, an aid package for eastern Europe was rejected by the EU, and the
euro fell amid strains in European economies. AIG posted a $62 billion loss and
the government is restructuring its bailout terms and will inject an additional
$30 billion from the TARP.
European stocks fell 3% and US stock index futures are down roughly 2%. This
morning, personal income and spending for January both came in
better-than-expected. The data was boosted by "several special
factors", according to the BEA. Treasury prices are up across the curve but
the rally is fairly muted. Later this morning, the ISM manufacturing index will
be released. Of course, Friday will produce the February employment report.
Currently, forecasters are calling for unemployment to have risen to 7.9% in
February. In California, however, the unemployment rate is already over 10%.
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PeggyKeegan@gmail.com
Your Mortgage Broker for Life
203-545-2131
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ph: 203-259-9999