Fed Announces NO Rate CHANGE (Editted Title)

[Blackhatjack]

The credit crunch out there is real. Lots of people cannot refinance their rising interest rate loans, and others cannot sell their homes because buyers cannot get a loan.

The impact of this announcement is uncertain, but if there is a cut the credit crunch will ease at least in the short term.

[rucky]

1. maybe Cramer screamed some sense into Bernake? n/t

[Blackhatjack]

2. Wouldn't count on it ... leave it where it is and the pickings are easy for those with cash

[rucky]

3. any links for real-time coverage?

[speedoo]

6. Try CNBC. nt

[hatrack]

7. 25 basis points wouldn't do shit anyway

50 probably wouldn't either, and besides, what's the point in trying to puff things up again? The air is well and truly out of the housing balloon, so "closing the barn door after the horses escape" wouldn't even come close to describing a reactive rate cut now.

[stevedz313]

4. .

.

[stevedz313]

5. .

.

[Blackhatjack]

8. No Rate Cut.... There You Have It! n/t

Last eight announcements the Fed kept rate the same, no cut.
June 29, 2006 was last rate cut.

[Ikonoklast]

9. 5.25% UNCHANGED

Thought so, too late to help the sub-prime market.

[Blackhatjack]

10. I do not see how this helps anyone but those with cash in their pockets...n/t

[DS1]

12. Exactly

There are houses around here that I could snap up for peanuts because of one or two missed payments.

People's lives are just ripe for the picking

[Lex]

11. This is for short-term interest rates, not mortgage loans

although the Fed short-term interest rates can impact the mortgage loan rate indirectly.

Glad to see they held it in place.

[Blackhatjack]

13. Watch what happens behind the scenes and you will see how it affects mortgages...n/t

[DemocratSinceBirth]

16. The Best Benchmark For Mortgages Is The Ten Year Bond

eom

[Blackhatjack]

14. DOW down 67 and dropping like a rock...

[Blackhatjack]

15. DOW rebounding.... down 37

[Blackhatjack]

17. DOW just went positive again...

[Blackhatjack]

18. UH OH... DOW is dropping again .... what a rollercoaster!

[Blackhatjack]

19. Nothing here to help the average consumer with 'the credit crunch'...

[kenny blankenship]

20. did they signal a reduction at the next meet-up?

that often is enough to calm the free-money people.

[Blackhatjack]

21. Did that come from the statement? I did not hear that....

[kenny blankenship]

23. No that was me asking.

[Blackhatjack]

24. Statement sounded to me just like last one ...with bias toward fighting inflation...

[Blackhatjack]

22. DOW IS DOWN 104 POINTS ...

[Blackhatjack]

25. The problem is that nothing in this decision would improve likelihood that loans will be made again

It WILL AFFECT houses selling, home loans made, builders and their employees, suppliers of building materials, etc.

The credit crunch will eventually ease, but many mortgage companies will have closed their doors, and anyone looking a mortgage will have fewer sources to choose from. Right now if you have no money in the bank and excellent credit, you will not get a mortgage loan.

[Blackhatjack]

26. DOW is NOW UP 67

[rucky]

27. Make that 83.

:wtf:

I wonder what the Dow would do if Bernake recited the lyrics to Stairway To Heaven?