A post contribution about the Federal Reserve Discount Rate Cut last week:

Fed Discount Window Cut: What Does It Mean?
Written by Greg Schneider

The Federal Reserve has taken significant action in the last few weeks due to the credit crunch. And now they've made an unexpected move by cutting the discount window rate – which is great news. I'll get to that in a minute, but first let's look at recent events and understand what they mean.
Market movementTo date, over 120 mortgage companies have closed their doors due to reduced liquidity. The result: Borrowers who want to take out non-conforming loans have fewer, more expensive options. The mass media has incorrectly added fuel to the fire by stating that mortgage lending has stopped altogether and that borrowers can't get a loan without a 20% down-payment. This is not true.

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NB: I think this is a worthwhile article to read because there is so much info out there that's just confusing. DS