Fannie Mae, now the largest foreclosure prevention company in the world, laid off several hundred employees in technology, administration, communications, and their single family unit. They do, however, plan to hire a similar number of people in the Dallas area, where the company bases its anti-foreclosure unit. Overall, the total number of Fannie employees should remain the same in 2009 as in 2008, at just over 5,500.
We do have a FOMC (Federal Open Market Committee) tomorrow and Wednesday, but how much lower can overnight rates go? Most believe that much of the meeting will be spent reviewing these programs, their effectiveness and challenges the Fed will face in running them and one day unwinding them. Aside from the Fed meeting, rates have a fair amount of news to digest. Today we have Existing Home Sales and Leading Economic Indicators. Tomorrow we have Durable Goods and Consumer Confidence. Nothing on Wednesday, then on Thursday we have Jobless Claims and New Home Sales, followed by Friday's GDP number, Chicago Purchasing Manager Survey, and Michigan Sentiment Index, and the Employment Cost Index. Rates have crept up, with the 10-yr at 2.64% and mortgages worse by about .125 in price
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