James Bowen

I know I've been stating this alot lately, BUT, Oil and Financials are setting the early tone to the market. Oil has risen back over $119/BL due to the Russian turmoil and possible supply problems. This added to the barrage of recent downgrades in the Financial sector is not sitting well with stock investors today. Key indicators are pointing towards weaker than predicted consumer ability to spend. The one good piece of news today is that weekly unemployment rates were down for the 2nd week in a row, BUT 4 week average still higher. We've seen the 10 TNOTE yield trend lower over the past few days. That has helped rates. I am seeing early bond weakness and the TNOTE yield going back upward, now near 3.84%, up from last eve's close at 3.80%. Morning rates reflected the closing strength, but if the yield continues it's ascent, there will be an adjustment by early afternoon.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR TRANSACTION

The market at first looked like it would start with positive sentiment as HP reported good numbers which showed not all sectors hurting from the consumer pessimism existing today. That sentiment was quickly dampened as OIL continues it's recent advance and financials continue to degrade, increasing inflation concerns. 3 large players all had their 3rd quarter earnings estimates lowered and a government bailout of Fannie/Freddie appears more imminent.

So far BONDS have reacted positively to the market losses but it is yet to be seen if the strength will continue or if FINANCIALS will sway investors from seeking the "shelter" of BONDS. 10 YR TNOTE yield is dropping and is now at 3.80% range after closing at 3.84%.

Rates may benefit from the mornings NOTE activity. There won't really be any economic news to take things off track, so the day will play out with news already out there. Let's see how investors "digest" it!

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REARDING YOUR OWN TRANSACTION.

I THINK THIS IS A GREAT PROGRAM . I FOUND THIS PRESS RELEASE AND WANTED TO SHARE WITH YOU. I'M SURE MOST OF YOU HAVE SEEN IT, BUT FOR THOSE WHO HAVEN'T THIS IS GOOD NEWS FOR THE CITY.

James Bowen

Moneyline New York, LLC.

www.getmortgagenow.net

Back to University News

• All Releases

Up to $9,000 Available for Each Purchase, Advice for First-Time Homebuyers

Financial incentives to attract University of Rochester regular full-time and part-time faculty and staff into city neighborhoods closest to the River Campus and the Medical Center begin this month with a new arrangement among the University, the City of Rochester, Advantage Federal Credit Union, and Canandaigua National Bank & Trust.

"We're offering $3,000 with a comparable amount from the City of Rochester and Advantage Federal Credit Union or Canandaigua National Bank & Trust to encourage employees to seriously consider owning a home in the city that is close to our University," said University President Joel Seligman. "Let me particularly express my gratitude to Ron Paprocki, our chief financial officer, for his leadership in this initiative and for his commitment to supporting our neighbors."

The targeted areas for the incentive program are the 19th Ward, Plymouth-Exchange, and other neighborhoods on the west side of Rochester in Sector 4; while to the east, they include Highland Park, the South Wedge, and other nearby communities in Sector 6.

"The University of Rochester is our largest employer and a steady supporter of what this city has to offer," said Mayor Robert J. Duffy. "We are proud to match the University's investment and want to thank them for their ongoing support. We also want to thank Advantage Federal Credit Union and Canandaigua National Bank & Trust for offering an additional incentive to help people save for a down payment and closing costs. This is an outstanding initiative and a great complement to our City Living Sundays program that will help Rochester families achieve the dream of home ownership," he said.

The benefit program provides new homeowners in sectors 4 and 6 with up to $9,000 toward the purchase of a primary residence. Buyers are not limited by their income. Regular full-time and part-time faculty and staff are eligible.

The University's benefit is provided through a loan that will be forgiven if a five-year occupancy and certain employment commitments are satisfied.

"We timed this program to this year's City Living Sundays-March 30, April 6, and April 13," said Paprocki, the University's senior vice president for administration and finance. "We see value in our employees being part of city neighborhoods and also benefiting from easy walking or busing distance from their homes to work." (More details on City Living Sundays can be found at http://www.rochestercityliving.com/.)

Since 2003, the University has encouraged employees to work with a number of local banking institutions that offer funds toward closing costs, lower interest rates, and other incentives. These programs remain available and can be applied to any location in the city-but do not qualify for the $3,000 benefit from the University or the $3,000 from the City of Rochester. Information on all of the University's housing incentive programs can be found at www.rochester.edu/working/benefits/housing.

As part of the new University Home Ownership Incentive Program for Sectors 4 and 6, NeighborWorks® Rochester (http://www.nwrochester.org/), a community-based nonprofit agency devoted to strengthening city neighborhoods, will provide participants with home ownership counseling and pre- and post-purchase education. Fees for education services will be paid at closing.

In addition, information sessions regarding the University Home Ownership Incentive Program will be held at the University during the week of March 31. For a list of dates, times, and locations of the information sessions, visit www.rochester.edu/working/benefits/housing.

Rochester employers Eastman Kodak Company, Xerox, PAETEC, Unity Health, Visiting Nurse Service, and the City of Rochester participate in similar programs to promote city home ownership.

About the University of Rochester

The University of Rochester (www.rochester.edu) is one of the nation's leading private universities. Located in Rochester, N.Y., the University gives students exceptional opportunities for interdisciplinary study and close collaboration with faculty through its unique cluster-based curriculum. Its College of Arts, Sciences, and Engineering is complemented by the Eastman School of Music, Simon School of Business, Warner School of Education, Laboratory for Laser Energetics, Schools of Medicine and Nursing, and the Memorial Art Gallery.

PR 3133, MS 1652