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™ ---- 2012 Ranked #1 Austin Residential Mortgage Lender (Austin Business Journal) 2010, 2011 & 2012 Five Star Professional (Texas Monthly) 2009, 2010, 2011, 2012, 2013 PrimeLending Chairman's Circle Award 2009, 2010, 2011, 2012 Scotsman Guide Top Originator (Top 200 Mortgage Professionals in U.S.A.) Better Business Bureau "A+ Rating" National Lender Rankings (Scotsman Guide): Top Purchase Volume (No. 10) Most Loans Closed (No. 32) Top Dollar Volume (No. 88)

Comments are closed.