September 08, 2008
Autumn In the Air
As I mowed my lawn Saturday morning, I couldn't help but smile as the cool air gently blew through our neighborhood. Fall has definitely arrived; although our days are still warm and sunny, the evenings have taken on the unmistakable feel of summer's exodus.
During the time I was out enjoying the weather this weekend, the U.S. government was finalizing its plan to bailout Fannie Mae and Freddie Mac, the government-sponsored entities who are on the brink of financial disaster due to underestimated and uncontrollable delinquencies and defaults. A good friend of mine who owns several hundred shares of Freddie Mac watched as the value of his stock plunged to $.80 per share at market's open today, down from over $5 at Friday's close.
The stock market actually shot up in most other sectors, as weary investors see some light at the end of the tunnel now that the government has finally done what many have expected it to do for months now. Was it good for America? Probably. Was it good for Americans? Probably not.
Many of us in the mortgage arena are hopeful this is the beginning of the end. There has been so much bad news for so long that we've conditioned ourselves to think there is no end in sight to the market paralysis we've all witnessed.
A change is in the air. My Montana Grizzlies won their first football game of the season Saturday. My Denver Broncos play their first game tonight. Football, America's true sporting pasttime, is in full swing. Let's hope that as the seasons change, so change the markets. I need a reason to feel optimism once again. We all do.
Make it a great day and GO BRONCOS!
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