Fed Announces It Will Buy $600 Billion of Debt; Mortgage Rates Drop

The Federal Reserve announced Tuesday that it will buy $600 Billion in mortgage assets from banks (total Bailouts now stand at $7 Trillion, btw.) By the end of the day, mortgage rates dropped significantly to 5.5% for a 30 year fixed.The move is aimed at helping to lower housing inventories and try to stabilize the market in an attempt to finally find a bottom because housing prices keep