Is the U.S. heading for a recession?
It would seem if you’ve been watching the markets, news networks, or reading the business section, the answer would be a resounding yes. In my daily reading, I have come across two articles that represent either side of the argument.
The Federal Open Market Committee (FOMC, Fed) decided to reduce the Fed Funds Rate to 3.0%.
OTTAWA, Ontario, January 30, 2008 — The Honourable Monte Solberg, Minister of Human Resources and Social Development, and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) announced today the appointment of Brian Johnston to CMHC’s Board of Directors. Mr. Johnston will sit on the board as a representative of the Ontario …
Mortgage interest rates for the week ended January 24
continued to fall and long term rates hit their lowest levels since the
spring of 2004 according to the results of Freddie Mac’s Primary Mortgage
Market Survey for the week ended January 24, 2008.
The risk of foreclosure is on a rapid rise nationally and, with a possible recession at hand, this spike in mortgage-defaults could last for years.