In early trading this morning, the Dow fell below 7,000 for the first time since 1997, as Stocks are trading lower on fears that the recession is getting worse.
Also pressuring Stocks lower is news that insurance giant AIG lost more than $61 Billion in the 4th quarter of 2008–which is the biggest loss ever for a US company. As a result, the government is preparing to provide AIG with a $30 Billion line of credit using money set aside from the TARP fund created last year.
Despite the drop in Stocks, Bonds are trading near unchanged levels.
“Your Partner In Success!”
Tony Frerking
Sr. Mortgage Consultant
PMZ Home Loans
1600 N. Carpenter Rd. Ste. C
Modesto, CA 95351
Direct: (209) 404-2200
Fax: (209) 254-7142
