A hundred thousand dollars is only a stack four inches high. A million dollars is 40 inches high, three feet off the ground. But a trillion! A trillion is a stack 679 miles high. That will give you an idea of how enormous the Fed buying is – and that's ending, that's stopping.
Holmdel, NJ (PRWEB) April 6, 2010
When asked by NPR news reporter, Chris Arnold, to comment on how the Federal Reserve’s decision to pull the plug on mortgage purchases will affect interest rates, Barry Habib, the Founder of Mortgage Market Guide and the Chairman of the Board of Mortgage Success Source, LLC, said, “…it will leave a vacuum in the market that will push up interest rates.”
Barry Habib, is the driving force behind Mortgage Success Source. With more than 23 years of experience in the mortgage industry, he has personally originated over $2 billion in individual loan production during his career. Recognized as one of America’s top loan originators, Barry’s financial advice and experience is highly sought after by everyone from major news networks like NPR, including NBC, CNN and Fox, to corporate and independent mortgage professionals.
In addition, Barry has been a professional speaker for fifteen years, has successfully authored a stock advisory newsletter, owned an insurance agency, and acted as managing partner in a real estate investment company.
This broad range of expertise in varied areas of the financial industries gives him a unique perspective, which he shared as a featured guest of news reporter, Chris Arnold, on NPR, March 30, 2010, the day before the Federal Reserve ended their program for buying upwards of $1.2 trillion worth of home mortgages.
To help the NPR audience get a real feel for exactly how massive the Fed’s mortgage purchasing program has been, Barry Habib painted a vivid picture: “A hundred thousand dollars is only a stack four inches high. A million dollars is 40 inches high, three feet off the ground. But a trillion! A trillion is a stack 679 miles high. That will give you an idea of how enormous the Fed buying is – and that's ending, that's stopping.”
“The Fed came to the rescue [in buying mortgage-backed securities],” continued Barry. “If they hadn't done this, the housing market would have imploded. You would have had unemployment, foreclosures that look nothing like the foreclosures we have now. They would have been so large. And we could have had the depression. For the homeowner, I think they really did save the day.”
Mortgage professionals can learn more from Barry Habib on how the expiration of the Fed's MBS Purchase Program will impact interest rates by attending a free webinar from The Mortgage Market Guide entitled, Use Market Volatility to Your Advantage, on April 7, 2010, at 2:00 PM Eastern Time. For more information on the free webinar and other Mortgage Success Source events, please visit: http://www.mortgagesuccesssource.com.
ABOUT MORTGAGE SUCCESS SOURCE
Mortgage Success Source (MSS) is the strategic alliance of Mortgage Market Guide and LoanToolbox. Featuring the talents of industry leaders Barry Habib, Sue Woodard, Greg Frost, and Jim McMahan, MSS provides training and money-making resources to more than 30,000 loan originators nationwide. MSS is the one-stop-shop for loan originators looking to achieve higher levels of success. All MSS products and technologies feature proven systems that are easy to implement and generate increased loan volume. For more information on MSS products and services, visit http://www.MortgageSuccessSource.com.