The Mortgage Man

Get more out of your mortgage experience!

Monday June 2, 2008

Mortgage Bonds attempt to move higher today after a slaughter last week.

Mortgage Bonds passed below the 200 day moving average last week with an alarming dose of the reality of fear in the market.  Today, they are making attempts to recover and are flirting with the now resistance level of the 200 day moving average.  At the time of this posting, daily mortgage bond trading is near the 200 day moving average, but has yet to cross it.

In other financial news, Wachovia Corps. CEO, Kennedy Thompson, was voted out of the driver’s seat by the board of directors after company shares lost 50% of their value over the last year.  This is not exactly surprising as virtually any CEO of a company involved with mortgage origination is likely walking around with a target on his forehead right now.

Even though mortgage bonds are showing some signs of recovery this morning, unless they break through the resistance level of the 200 day moving average, it is still recommended that you lock your rate to ensure that you protect against loss and continued instability in the financial markets.

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2 Comments»

  David Podgursky wrote @

The Wachovia news is not un-welcome nor a suprise… Wachovia spent a lot of time puffing themselves up but really aren’t playing with the big boys like Chase…

  Bob wrote @

This could be the beginning of the end for may Bank CEO’s. The way most banks (and servicer’s) are handling the foreclosure mess is a JOKE! They are costing shareholder’s many millions more than needed. Nice Leadership.


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