FOMC Notes: What to Do, What to Do? has learned from NationalMortgageNews the minutes from the Federal Open Market Committee (FOMC) meeting Dec. 13 reveal disappointment that attempts by the government to stimulate a housing recovery, combined with low interest rates and increasing employment, has had little effect. Response to the expansion of the Home Affordable Refinance Program (HAMP) to assist more underwater borrowers with their Fannie Mae and Freddie Mac has been limited. The Fed’s purchase of MBS (mortgage-backed securities) designed to keep refinancing interest rates low is also having minor effect because of tight credit and low equity levels. Regardless, the FOMC will continue the MBS purchase program.

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