The Federal Reserve rate cut that is expected this afternoon may help stimulate a sluggish economy. However it may do little to break open the troubled credit markets and hands down the mortgage market.
I think with the amount of work that the fed has done already, it should be clear that more measures other than the fed may be needed. It's hard to believe that the fed alone could bail out our economy and sluggish mortgage market. Senator Charles Schumer, chairman of the Economic Policy Subcommittee, told CNBC Tuesday, "Everyone knows we need to do more to stabilize housing." I would concur, I think peoples biggest fears right now are those over home prices and the real estate market. Senator Schumer also called for easing up of capital requirements for Fannie Mae and Freddie Mac and threw out the idea of tax credits for homebuyers.
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