7 of 91 Euro zone banks failed the stress test

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.

About Max Leaman Austin Mortgage

Great Rates, Low Fees, Close on Time® – (800) 301-3405 Since 2001, Leaman Team has helped clients to purchase, refinance and renovate. The biggest distinction between lenders is their honesty, customer service, and ability to close on time.

Comments are closed.