I originally found this amazing video on Consumerist (highly recommend you subscribe to them!), but they pointed me off to CNN who chronicled this story of the woman who saved 97% on her grocery bill. 97%!!! WOW. Here’s the math:

Total before coupons: $152.86
Coupon savings: $144.70
Total after coupons: $9.43

Quite a feat, I say. Check out the video to get a lesson from the Coupon Queen.

All the smarty pants who make up the Federal Reserve met today to once again discuss the state of the economy and determine the action needed by them to aid a struggling American economy. One of the main things they do is determine what the Fed funds rate will be. The Fed funds rate is the rate at which banks lend to each other and is one way the Fed can regulate the supply of money to the US economy.

The following is an official press release from the Fed regarding its decision today, with a  translation (for the rest of us) mixed in for all the financial jargon by Bob Walters, Chief Economist for Quicken Loans. Obviously, our version is in bold. Enjoy!

Release Date: April 29, 2009

For immediate release

Now

Information received since the Federal Open Market Committee met in March indicates that the economy has continued to contract, though the pace of contraction appears to be somewhat slower. Household spending has shown signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Weak sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories, fixed investment, and staffing. Although the economic outlook has improved modestly since the March meeting, partly reflecting some easing of financial market conditions, economic activity is likely to remain weak for a time. Nonetheless, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.

The Fed received super secret, on the low-down, information that the economy is contracting.  How do they figure this stuff out?!

The Fed also points out that the consumer continued to spend (you can’t hold a shopper down!), but that businesses have cut back significantly.

Lastly, they mention that all the money they are pumping into the economy ishelping and should continue to help as time goes on.

In light of increasing economic slack here and abroad, the Committee expects that inflation will remain subdued. Moreover, the Committee sees some risk that inflation could persist for a time below rates that best foster economic growth and price stability in the longer term.

They say here that because the economy isn’t doing well  (they call it “economic slack”), inflation (prices) will stay low.

In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve will buy up to $300 billion of Treasury securities by autumn. The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. The Federal Reserve is facilitating the extension of credit to households and businesses and supporting the functioning of financial markets through a range of liquidity programs. The Committee will continue to carefully monitor the size and composition of the Federal Reserve’s balance sheet in light of financial and economic developments.

This is the “kitchen sink” paragraph.  They say here that they will do everything in their power to pull the economy out of a tailspin.  Stuff like:

• Taking short term rates to 0% (yay!  Free money!)
• Spending $1.25 trillion to purchase mortgages to keep today’s mortgage rates low
• Buy $300 billion of Treasury securities (kind of a neat trick to buy debt from yourself…)

Questions? Just holler: blog@Quizzle.com

Yes, death and taxes are often uttered in the same breath, but tax time doesn’t have to be all bad news! As a homeowner, you may be eligible for more tax breaks than you know. We’ve assembled some tips to help you get the most tax perks from homeownership, and keep as much money as the law allows! So watch this video from our friends at Quicken Loans to get the best tax tips for homeowners. Enjoy!

The 10 brilliant minds who make up the Federal Reserve met yesterday to once again discuss the state of the economy and determine the action needed by them to aid a struggling American economy. The Fed funds rate is one way the Fed uses to regulate the supply of money to the US economy.

No surprise, they decided to keep targeting the Fed funds between 0-.25%. In bigger news, they announced they would spend another $1.2 trillion buying mortgage-backed securities and other debts from Fannie Mae.  Immediately following the announcement, mortgage rates dipped about .375 points to under 5% on 30-year fixed loans.

That’s why many of you Quizzlers saw a mortgage rate alert on your homepage – we’re giving you the hook up! And you know who to call to help you out with your mortgage, right? RIGHT?! (hint, hint)

The following is an official press release from the Fed regarding its decision today, and a translation (for the rest of us) of all the financial jargon by Bob Walters, Chief Economist for Quicken Loans:

For immediate release

Now

Information received since the Federal Open Market Committee met in January indicates that the economy continues to contract.  Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending.  Weaker sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories and fixed investment.  U.S. exports have slumped as a number of major trading partners have also fallen into recession.  Although the near-term economic outlook is weak, the Committee anticipates that policy actions to stabilize financial markets and institutions, together with fiscal and monetary stimulus, will contribute to a gradual resumption of sustainable economic growth.

The Federal Open Market Committee (10 people who decide things for the banking system), also known as the “Fed”, is seeing that the economy is getting worse.  Job losses = less spending by consumers.  Businesses can’t borrow = less spending by businesses.

Despite all that bad news, the Fed feels that, over time, all the money they have pumped into the economy will start to turn the economy around.

In light of increasing economic slack here and abroad, the Committee expects that inflation will remain subdued.  Moreover, the Committee sees some risk that inflation could persist for a time below rates that best foster economic growth and price stability in the longer term.

Given that the economy is essentially a train wreck, and given that people will be spending less, and given that when people spend less companies have to lower prices – the Fed expects that prices (inflation) will remain low.  In fact, the Fed is more worried that prices might actually fall (which, believe it or not, is also bad for an economy).

In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability.  The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.  To provide greater support to mortgage lending and housing markets, the Committee decided today to increase the size of the Federal Reserve’s balance sheet further by purchasing up to an additional $750 billion of agency mortgage-backed securities, bringing its total purchases of these securities to up to $1.25 trillion this year, and to increase its purchases of agency debt this year by up to $100 billion to a total of up to $200 billion.  Moreover, to help improve conditions in private credit markets, the Committee decided to purchase up to $300 billion of longer-term Treasury securities over the next six months.  The Federal Reserve has launched the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses and anticipates that the range of eligible collateral for this facility is likely to be expanded to include other financial assets.  The Committee will continue to carefully monitor the size and composition of the Federal Reserve’s balance sheet in light of evolving financial and economic developments.

The Fed will keep short term rates (the rates at which banks borrow from each other) at 0%.  That was no surprise.
What was a surprise (and a happy one for those of us at Quizzle & Quicken Loans), was that the Fed decided to go on a shopping spree that would make Donald Trump blush.  The Fed decided to:

•    Purchase an ADDITIONAL $750 billion of mortgage backed securities (on top of the $500 billion they agreed to buy last November).  THIS is the decision that caused mortgage rates to fall significantly.
•    Purchase an additional $100 billion of Fannie Mae and Freddie Mac debt.  This will allow those companies to buy up more loans – which will also be good for mortgage rates.
•    Purchase $300 billion of long term Treasury securities.  This will drive down government rates.
o    So – in sum, the government just agreed to spend $1.2 TRILLION.  They will be putting it on their credit card.  (How would you like to get that bill?!)

Quizzle has it’s own video now! A couple of very talented peeps from the Quizzle Marketing team put together this super simple video to describe Quizzle. While I could say a million super things about Quizzle, I think this video really does it in a special way.

We’re really excited that Quizzle is now in movies! Our hope is that more people learn about how useful Quizzle can be to their financial goals. Check out the video above, or see any of our lovingly produced Quicken Loans videos, designed to bring clients all the information they need to make smart financial decisions!!!!