Bay Area Mortgage Update-

CNBC reported today that the White House plans to announce next week that it is moving away from having the government buy up trillions of troubled assets and putting them into a bad bank, rather it is more interested providing insurance and guarantees of the troubled assets in a “ring fence” concept.  The current plan will likely involve the remaining $350 billion of TARP money, and rumors of several trillion are now apparently not in the cards.

In economic news today, the US Department of Labor reported that adjusted initial jobless claims for a 4 week period were 626,000, an increase of 35,000 over the prior week’s revised figure.   Most analysts had expected 585,000 new claims, so the 626,000 number surprise many.  The number of jobless claims is now at a 26-year high. Ouch.

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