Update #2/ Week of July 20, 2009

Good Afternoon Everyone and Happy Tuesday! A revision to my earlier distribution… (BLOG FORMAT UPDATED..sign in at: CLICK HERE TO SUBSCRIBE TO MY BLOG)
Fed Chairman Bernanke is testifying on Capitol Hill today and was saying that through the Fed's Mortgage Backed Securities Purchase Program it has brought down home loan rates to below 5% and will continue to buy Mortgage Bonds until the end of the year.
The average price for a regular gallon of gasoline has now fallen to the lowest level in 8 weeks to $2.46 a gallon said the Energy Department on Monday.. Gas prices are way off the record highs set last July of $4.11 but up from the $1.61 back in late December. Oil prices have come off last year's highs of $147 that was hit also hit last July then hit $33 back in mid-January.

There are no economic reports due for release today.

CIT Group is getting thrown a $3 billion lifeline from bondholders but it does come with a hefty 10% interest payment. The deal allows CIT to avoid bankruptcy and it will continue to prepare to restructure its debt and needs a total of $7.6 billion in new capital to meet Federal Reserve guidelines. CIT's share price is currently just under a $1 down from $60 just a few years ago.

Uncle Ben Bernanke had some positive things to say today about inflation, mortgage rates, unemployment and the recession, and this is helping credit markets make some impressive moves today! Thank you!

If you need to lock a loan, go ahead and fax the lock over, you’ll still get locked same as usual. If you need to talk about a particular pricing scenario, call me on my cell phone as I will be out in the field all day.