Financial Updates in 140 Characters or Less?

"Mortgage Rates Move Lower Following Weak Jobs Report: 30yr 4.49%, 15yr 3.68% - new 2011 lows: http://bit.ly/kk8IvF"

This quote from Freddie Mac wasn't found in a press release or news item - it was recently tweeted by @FreddieMac. Followed by 2171 other Twitter users, Freddie Mac uses the social media platform to broadcast market updates, release news about the corporation, and even communicate with consumers.

Freddie Mac is certainly not alone in the financial industry as it gets its feet wet in the social media world - banks, mortgage lenders, investment brokerages, credit unions, and even the Federal Reserve Banks (see @ChicagoFed, @philadelphiafed, etc.) are getting into the game. Social media and major financial players might not be the most natural pairing. When you think of someone blasting out tweets you are probably not thinking of a banker in a suit and tie, but as more and more people embrace social media and communicate through these channels it becomes increasingly important for organizations to put out there information wherever their desired audience might want to find it.

I'm certainly not going to predict that @HUDMidatlantic (the official Twitter page for HUD Region 3) or @WellsFargo (which has an impressive 8516 followers as of 6/9/11) is going to rival Justin Bieber or Lady Gaga in terms of followers, but it's great that the latest financial news is a part of the conversation.

And of course, if you want to be updated on the latest at ForTheBestRate.com you can follow us @4TheBestRate.