7 of 91 Euro zone banks failed the stress test. As we expected, two of the Spanish banks didn’t make the grade along with one German institution, a couple of Greek banks, and an Irish bank. All four top tier French banks made the grade. Market reaction has been like playing crack the whip, moving in both directions with high volatility. As the dust settles, we’re very close to the pre-release levels as the 10 year note is off 9/32’s, MBS off 2/32’s, and stocks up 28 points. Could be much ado about nothing. We do however recommend that Austin mortgage borrowers proceed with caution.
7 of 91 Euro zone banks failed the stress test
July 23, 2010|Austin Mortgage Market|
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