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April 3rd, 2009

A glimmer of hope?



Maybe, just maybe, it’s a sign of better times ahead (emphasis added):

The cost of borrowing in dollars in London fell for a sixth day as signs the worst of the global financial turmoil may be over made banks less wary of lending.

The London interbank offered rate, or Libor, that banks say they charge each other for three-month loans dropped half a basis point to 1.16 percent today, the British Bankers’ Association said, bringing its decline in the past three weeks to 16 basis points. …

Libor dropped every day this week as reports showed U.S. consumer spending stabilized in the first two months of the year and home sales rose in February. U.S. Treasury Secretary Timothy Geithner, who crafted a plan to relieve banks of toxic assets last month, said two days ago markets are showing “encouraging signs.” Leaders of the Group of 20 nations pledged more than $1 trillion yesterday to combat the worst recession in 60 years.

“There is more optimism in the market,” said Guillaume Baron, a fixed-income strategist at Societe Generale SA in Paris.

Granted it’s a small and esoteric sign, but we’ll take what we can get.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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