Where's my rate cut?

The ongoing financial crisis — and even bulls would have to admit after today’s 9% drop in the S&P 500 that it’s not likely to end soon — began in the real estate markets, and it won’t likely be over until some traction is found for sliding home prices. The Treasury Department and Federal Reserve are pulling out all the stops to get banks lending again. They’ve cut interest rates, forced banks to accept mounds of cash and still intend to buy mortgage back securities. But despite those moves, mortgage rates are actually going up — not an effective way to get people to start buying homes.

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