Industry News
Mortgage Industry News
Ireland Requests Rescue Package
11/22/2010
After much speculation, Ireland became the second European nation to request a rescue package; Moody’s stated that there would most likely be a "multi-notch" downgrade of Ireland’s debt; there is still fear of contagion and speculation that Portugal and Spain would at some point need to tap the rescue fund. Right now, the futures market is pricing in an 91% chance that the Fed keeps rates between 0% and 0.25% through March 15th, 2011. Currently, the Ten Year yield is at 2.84% (2.88% on Friday) and the 2-10 yield spread is at 232bps, flattening 6bps since Friday morning.
