Bobby Samson

Hi All,

The FED announced a $600B infusion of capital into mortgage bank securities. Rates dropped as much as .5% this morning.

See Article Below from the Wall Street Journal...

November 25, 2008, 8:21 am

For release at 8:15 a.m. EST

The Federal Reserve Board on Tuesday announced the creation of the Term Asset-Backed Securities Loan Facility (TALF), a facility that will help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA).

Under the TALF, the Federal Reserve Bank of New York (FRBNY) will lend up to $200 billion on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. The FRBNY will lend an amount equal to the market value of the ABS less a haircut and will be secured at all times by the ABS. The U.S. Treasury Department-under the Troubled Assets Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008-will provide $20 billion of credit protection to the FRBNY in connection with the TALF. The attached terms and conditions document describes the basic terms and operational details of the facility. The terms and conditions are subject to change based on discussions with market participants in the coming weeks.

New issuance of ABS declined precipitously in September and came to a halt in October. At the same time, interest rate spreads on AAA-rated tranches of ABS soared to levels well outside the range of historical experience, reflecting unusually high risk premiums. The ABS markets historically have funded a substantial share of consumer credit and SBA-guaranteed small business loans. Continued disruption of these markets could significantly limit the availability of credit to households and small businesses and thereby contribute to further weakening of U.S. economic activity. The TALF is designed to increase credit availability and support economic activity by facilitating renewed issuance of consumer and small business ABS at more normal interest rate spreads.

TALF Terms and conditions (72 KB PDF)

GSE Announcement

The Federal Reserve announced on Tuesday that it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises (GSEs)-Fannie Mae, Freddie Mac, and the Federal Home Loan Banks-and mortgage-backed securities (MBS) backed by Fannie Mae, Freddie Mac, and Ginnie Mae. Spreads of rates on GSE debt and on GSE-guaranteed mortgages have widened appreciably of late. This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally.

Purchases of up to $100 billion in GSE direct obligations under the program will be conducted with the Federal Reserve's primary dealers through a series of competitive auctions and will begin next week. Purchases of up to $500 billion in MBS will be conducted by asset managers selected via a competitive process with a goal of beginning these purchases before year-end. Purchases of both direct obligations and MBS are expected to take place over several quarters. Further information regarding the operational details of this program will be provided after consultation with market participants.

Below are my featured properties for the week of Nov 25th. This Sunday 11990 Market Street, #805 in Reston, Virginia is holding an Open house. New last week this luxury 8th floor condo features 3 BR/2BA and many fabulous amenities. 605 Kingsley Road in Vienna is back on the market with a new low price! There will also be an Open house this Sunday, from 1-4. Don't miss it! For more information please visit www.bobbysamson.com

Thanks and have a happy Thanksgiving!!

OPEN SUNDAY

11990 Market Street #805 Condo 3 bedrooms 2 full/0 partial baths 1,646 sqft

$789,900 Reston, VA

RENTED	14848 Ashby Oak Court Single Family House 5 bedrooms 3 full/1 partial baths 5,144 sqft	$620,000 $3,500/Month Haymarket, VA
	20904 Winola Terrace Townhouse 3 bedrooms 3 full/1 partial baths 1,648 sqft	$359,900 Ashburn, VA
	22087 Water Run Court Single Family House 2 bedrooms 2 full/2 partial baths 2,200 sqft No pets	$1,400/month Ashburn, VA

OPEN SUNDAY

605 Kingsley Road Single Family House 4 bedrooms 2 full/0 partial baths 1,459 sqft

$499,999 Vienna, VA

BOBBY SAMSON Realtor NVAR Top Producer bobbysamson527@hotmail.com 703-862-4714 www.bobbysamson.com Samson Realty 14526 Lee Road Suite 100 Chantilly, VA 20151

Reston Virginia Homes for Sale
OPEN HOUSE THIS SUNDAY, NOV 30TH, FROM 1-4

11990 Market Street #805, Reston, VA 20190

Offered at $789,900

Luxurious Condo in the Heart of the Reston Town Center. 3 BR/2BA 8th floor condo with 2 garage parking spots and 6x8 storage room. Over 1600 sq feet. Hardwood floors throughout. Gourmet eat-in Kitchen w/Granite counter tops and Stainless Steel appliances. Family Room w/floor to ceiling windows. Built-in sound system. Luxe MBR suite. Amazing amenities include fitness center, outdoor pool, private theatre room, conference room, valet parking, guest suites and 24 hour concierge. Steps from Reston Town Center and premier shopping and restaurants. Close to Dulles Toll Road and FFX County Pkwy. More more details and to see the virtual tour please visit www.bobbysamson.com

605 Kingsley Road, Vienna, VA

offered at $499,999

OPEN HOUSE THIS SUNDAY, NOV 30th, FROM 1-4!
Walk to the Vienna Metro! Brick front 4 BR, 2 BA Home. Beautiful private fenced yard with trees, pool, 2 decks and a patio! 2 finished levels. Bright & spacious Kitchen w/new flooring and newer appliances. Dining Room with new carpet, bay window and double french doors. Living room w/wood FP. Immaculate condition inside and out. Convenient location, a commuter's dream! For more information or to see a virtual tour please visit www.bobbysamson.com