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We find it rather insulting that some of the CEOs of the too-big-to-fail banks have been boasting about their profitability for the first two months of this year
This past week the mortgage market continued to tradewithin a very tight range. Refinancing programs are beginning to take shape and investors are beginning to gain more confidence in investing in the MBS market. 3.00% on the 10-year note yield is where we find solid support. This in turn has kept interest rates in the low 5.0% range as well as dipping into the high 4.0% range. In normal markets, mortgage rates set at about 150 basis points above the 10-year note yield. Since the collapse of the credit markets and ensuing asset repricing, mortgage rates have remained about 250 basis points above the 10-year note yield. We are seeing the credit markets heal somewhat as we are down to about a 200 basis point difference. Efforts by our government as well as our friends across the pond have helped keep interest rates low despite our huge financing needs.
We find it rather insulting that some of the CEOs of the too-big-to-fail banks have been boasting about their profitability for the first two months of this year. It is not the profitability that bothers us as much as their thanklessness over who was responsible for their gains. Had the government not ... more
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