Market Perception is Reality

Note: I'm excited to introduce a new contributor to Blown Mortgage - Patrick O'Hearn.  Patrick O'Hearn is a financial services professional with extensive mortgage industry experience.  Mr. O'Hearn's strategic connections to and knowledge of the secondary mortgage market give him unique insights into the mortgage industry. He penned this after Bush's announcement and before the official bailout plan was announced (more coming on that), but I was in Las Vegas and couldn't post it - my bad.  But I think he has some excellent commentary. The buzz last week, of course, had to do with the major steps announced by the president to shore up the markets.  The message to both US and world markets was an unequivocal, "we'll do whatever it takes to stabilize the situation."