In September 2012, the Federal Reserve announced its most aggressive bond buying program to stimulate the economy. The Fed's bond buying program has brought down mortgage rates, hurting mortgage REITs such as Chimera Investment Corporation (NYSE: CIM) and Capstead Mortgage Corporation (CMO).
Last Thursday, mortgage giant Freddie Mac reported that the average rate on a 30-year, fixed rate mortgage dropped to 3.38%.
While declining mortgage rates are helping borrowers that are underwater, they are having an adverse impact on mortgage REITs such as Chimera Investment and Capstead Mortgage.
Chimera Investment Corporation operates as a real estate investment trust (REIT) in the United States.
MetroPCS Communications, Inc. (NYSE: PCS) is going big in 2013 with the launch of the Spirit™ 4G, a 4.5-inch touchscreen Android™ smartphone from LG Electronics. The Spirit 4G packs top-of-the-line features in its sleek and stylish frame with a crystal-clear screen and 4G LTE connectivity for $199 plus tax after mail-in rebate – all with no annual contract.
MetroPCS and LG are also kicking off the All-Star Spirit campaign, which benefits After-School All-Stars (ASAS), a non-profit organization dedicated to providing academic support, enrichment opportunities and health & fitness activities that equip participants with skills, experiences and relationships needed to succeed in middle school, high school, college and the 21st century workforce.
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