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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Augustus Gloop who wrote (8952)3/14/2008 10:12:29 PM
From: The Ox  Read Replies (3) of 33421
 
The major banks are eliminating competition in the mortgage industry. The longer they keep 10 yr Bond/mortgage rates excessively high, the more companies in the industry fail. They simply don't want to allow a new refi cycle, as this continues to flush the competition from the industry.

The banks have written off billions and they are taking out their anger, imo.

Look at the short term yield curve in the past 4 days.

I'm not sure how long they can keep the 10 year rate up but its been impressive to watch since the FED cut earlier this year.

Its my opinion that the big banks are just trying to eliminate competition at a time when the 'little guy' could really use some relief. If the banks have their way, there won't be any help with the refi issue. Little guy be damned!
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