Tuesday, June 23, 2009

Mortgage Vigilantes Beating Death Drums

Even though the market's brief hiccup into green territory was promptly corrected (as expected earlier), it is the mortgage vigilantes' turn to beat the death drum. The 30 Yr Mortgage - 10 Yr UST spread is not helping the new, existing, and otherwise home sale green shoots. And this on top of the Treasury's $7 billion in Open Market purchases of bonds yesterday.

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