So, last week the Fed pushed $62 Billion into the financial markets to reduce inflation pressure on the banking system because of the sub-prime market meltdown.

What else is happening, because of the meltdown?

• Mortgage rates are fluctuating like crazy. In New York rates jumped from 8% to 13% in three days.

• If you have poor credit and even if you are owning the home, you may not be able to refi because of tightening credit rules. This is really tough on the loads of people with ARM mortgages as they will be having to sell as they can’t make the payments any more.

• Stocks based on mortgage paper are also beginning to suffer and that will be rippling through the stock market as well. If you have a 401(k) or mutual fund, it probably has some mortgages /mortgage-based stock in it.
• Of course, since the stock market is taking hits here, the other stock markets around the world are getting pummeled, too.