On To Rounds 3, 4, and 5

Stock losses continue to mount even after the $700 billion was signed into law on Friday. The Dow is down over 2% within the first minute of trading this morning. The roller coaster ride continues and only time will tell when the so-called "rebound" will take affect. The Mortgage Backed Securities (MBS) that the government has aimed to shore up have had very little impact. In fact most traders are still preferring Treasuries! This is not a good sign for mortgage rates. We have seen mortgage rates improve slightly, however not at the pace expected post Fannie and Freddie bail out.

Even as I type this the market is approaching a loss of almost 300 points. Let's hope there is a rabbit in the hat somewhere and someone pulls it out ASAP! I have spoken to several individuals much older and wiser than I and all have said that this is the worst economy that they have witnessed. The market in general lacks confidence and optimism and both are crucial to turning this thing around.

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