Perhaps the headlines did too good of a job of selling Friday's Greek news as something more definitive than it was.  After all, most headlines were some iteration of "Greece reaches agreement to extend bailout."  In actuality, Greece reached an agreement to work on a list of reforms over the weekend that could then be submitted to the Eurogroup on Monday for a preliminary approval over the phone before being voted on in each of the 19 Eurozone countries' respective governments before Greece's bailout terms would be temporarily extended.

As markets realized just how true that was during the European session, bonds began to get back some of what they lost on Friday.  The move ultimately hit some trip-wires in terms of trading positions, resulting in a mini-snowball that came to a non-threatening stop before crossing the bigger-picture line in the sand at 2.04.

Apart from their innate tendency to move less than Treasuries and to protest volatility, MBS weren't able to benefit from the same sort of tradeflow dominoes.  Treasuries themselves, saw exaggerated movement due to a low volume session.  In general, markets are still waiting to see what Greece, the Eurogroup, and Yellen have to say before making their next big decision.  It now looks like we'll get Yellen and Greece on the same day as the latter gave us a heads up that they'd be a day late with that list of reforms. 


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
101-14 : +0-08
FNMA 3.5
104-14 : +0-06
FNMA 4.0
106-21 : +0-03
Treasuries
2 YR
0.6060 : -0.0363
10 YR
2.0610 : -0.0542
30 YR
2.6580 : -0.0601
Pricing as of 2/23/15 5:14PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:32AM  :  Bonds Rally as Germany Reminds us Greek Deal is Far from Done

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  ""The new chairman of the Republican-led Senate Banking, Housing and Urban Affairs committee, Richard Shelby, has indicated that he wants the Fed to be more transparent, but he has not yet endorsed a Senate bill to expose the Fed to a full government audit.""
Matthew Graham  :  "RTRS - U.S. SENATE BANKING COMMITTEE TO HOLD HEARING ON FEDERAL RESERVE REFORM ON MARCH 3 -SENATE AIDE"
Gus Floropoulos  :  "then u hit him for the expenses listed on the return and provide him with the positive cash flow."
Ross Miller  :  "there are no mortgages, the properties on the return are free and clear"
Gus Floropoulos  :  "Ross, are the mortgages recourse?"
Ross Miller  :  "A borrower owns approximately 10 properties. 6 properties are fee and clear and are listed on a 1065 partnership return which he is 50% owner. The properties are profitable as a business on the returns. Is it a requirement that they individually be listed on the loan application and the taxes, insurance and hoa fees on all properties be documented? Or isn't this just a business and treated as such? me vs. u/w!"
Matthew Graham  :  "super duper subject to reforms, and the subsequent sign-off from Eurogroup, and further ratification by each individual government of the 19 Eurozone states."
Noah Thompson  :  "so is the money guaranteed to them already or is it subject to this list of reforms they have to turn in?"
Matthew Graham  :  "'teacher said I could turn in this homework late.'"
Andy Pada, Jr.  :  "not sure what that means."
Matthew Graham  :  "RTRS- GREEK GOVT OFFICIAL SAYS TUESDAY SUBMISSION OF LIST OF REFORM PROMISES AGREED WITH EUROGROUP"
Mike Drews  :  "trend since the 18th sure feels better"
Matthew Graham  :  "well, if Greece is saying they'll be delayed in coming up with an impossible list, I believe them."
Gus Floropoulos  :  "MG, credibility factor on the Eurodrama headlines at zero?"
Matthew Graham  :  "RTRS- LIST WILL INCLUDE MEASURES TO REFORM PUBLIC SECTOR, CUT BUREAUCRACY - GREEK GOVT OFFICIAL"
Matthew Graham  :  "RTRS - LIST WILL INCLUDE REFORMS TO FIGHT TAX EVASION, CORRUPTION - GREEK GOVT OFFICIAL"
Matthew Graham  :  "RTRS - GREECE WILL SUBMIT LIST OF REFORMS TO EUROGROUP ON TUESDAY MORNING - GREEK GOVT OFFICIAL"