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Reprices Hitting Now, And Remain Likely In Most Cases
Posted to: Micro News
Friday, January 25, 2013 12:58 PM
The sell-off continues to extend into capitulative territory with MBS now well below their January 4th lows, and well into early September 2012 territory. Nothing new has happened and the current weakness is a product of itself rather than any headline cause and effect (though the latter was the initial catalyst).
Snowball selling, capitulation, pain trade, whatever you want to call it, negative momentum has taken its toll and more of the same can't be ruled out until we bounce back definitively. Really, only the lenders who priced late in the morning and who erred on the conservative side stand a decent chance of NOT repricing.
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