Galen Call Reverse Mortgage Specialist Monterey California

  • Home
  • Just The Facts Please
    • Due and Payable Timeline
    • Reverse Mortgage Facts
    • One Step at a Time
    • Adult Children
    • Trusted Advisors
    • Government Guarantee
    • History of Reverse Mortgages
  • News You Can Use
    • What You Need to Know After Closing
    • What do I do when my loan is due?
    • NRMLA Reverse Mortgage Self-Evaluation
    • NRMLA Home Toolkit
    • CFPB Reverse Mortgage Guide
  • Realtors
  • Blog
  • About Galen
  • Contact Galen
  • Call 831-645-1164

Galen Call October 24, 2012

Simple Explanation Of The Federal Reserve Statement (October 24 , 2012)

Putting the FOMC statement in plain EnglishThe Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday.

For the ninth consecutive meeting, the vote was nearly unanimous. And, also for the ninth consecutive meeting, Richmond Federal Reserve President Jeffrey Lacker was the lone dissenter in the 9-1 vote.

The Fed Funds Rate has been near zero percent since December 2008.

In its press release, the Federal Reserve noted that, since its last meeting six weeks ago, the U.S. economy has been expanding “at a moderate pace”, led by growth in household spending. However, “strains in global financial markets” continue to remain threat to U.S. economic growth, a comment which references to the Eurozone and its economy.

The Fed’s statement also included the following economic observations :

  1. Growth in employment has been slow; unemployment is elevated
  2. Inflation pressures remains stable, and below 2%
  3. Business spending on equipment and structures has slowed

In addition, the Fed addressed the housing market, stating that there have been “further signs” of improvement, “albeit from a depressed level”.

Finally, the Federal Reserve re-affirmed its commitment to its most recent stimulus program, a bond-buying program known as QE3.

Via QE3, the Federal Reserve has been purchasing $40 billion in mortgage-backed bonds monthly, with no defined “end date”. QE3 is meant to suppress U.S. mortgage rates.

Fed Chairman Ben Bernanke has said that QE3 will remain in place until the U.S. economy has recovered in full, at least. It’s a plan that may help home buyers in California and nationwide. Since QE3 launched, mortgage rates have moved to new all-time lows.

The Fed also used its meeting to announce that it intends to hold the Fed Funds Rate near its target range of 0.000-0.250 percent until mid-2015, at least.

The FOMC’s next scheduled meeting is a two-day event and its last of the year, December 11-12, 2012.

Filed Under: Federal Reserve Tagged With: Fed Funds Rate, FOMC, QE3

About Galen Call

Galen Call is a Certified Reverse Mortgage Professional (CRMP) in Monterey, California. She manages the Reverse Mortgage Division at TreeHouse Mortgage Group, a Division of American Pacific Mortgage Corporation (CALDRE #01215943 | NMLS# 1850). Galen can be reached at 831-645-1164 or by email.

Galen has been originating reverse mortgage loans since 2006 and active in the mortgage lending industry since 2003. She helps clients aged 62 and older with Home Equity Conversion Mortgages (HECM) and proprietary jumbo reverse mortgage loans. Galen brings a proactive and collaborative approach to reverse mortgage lending.

GALEN CALL
Manager, Reverse Mortgage Division
American Pacific Mortgage Corporation
dba TreeHouse Mortgage Group
Call Today: 831-645-1164
Fax: 831-643-1161
Galen@TreeHouseMortgage.com
NMLS #226129 | DRE #00908338
APMC DRE #01215943 | APMC NMLS #1850

How can I help?


0 / 180

Learn More:

  • Reverse Mortgage Facts
  • Adult Children
  • One Step At a Time
  • Accessibility Statement
  • Privacy Policy
  • NMLS Consumer Access
Licensed by the Department of Corporations under the California Residential Mortgage Lending Act

California zip codes served: 93940, 93901, 93905, 93908, 93921, 93933, 93943, 93950, 93953, 93955, and 93962

Equal Housing Opp

Copyright © 2021 American Pacific Mortgage Corporation. For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity.

Our Location


288 Pearl Street
Monterey, CA 93940
Branch NMLS# 150751

Return to top of page

Copyright © 2023 Galen Call Reverse Mortgage Specialist Monterey California. All rights reserved.   Log In