NY Times: Mortgage Woes = Stock Sell Off

This mornings lead story in the New York Times reports on the comments made by Countrywide executives on company conference call. Read article

Although pessimistic in nature and Countrywide share price fell along with my company's and the whole market, if this drives us to the bottom of this housing resession, we can begin the recovery sooner.

The implecations for rates are good - bad economic news drives rates up - and bad - the news is about rates and the availability of funding for mortgages.

I think pressure will mount for rates to go down to stimulate the housing industry. Sooner the better.

MMM