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Mortgage Industry News
GMAC to Suspend Foreclosures
09/20/2010
European stocks and US equity futures are up after Moody’s reaffirmed their AAA rating for England. GMAC announced that they will be suspending foreclosures in 23 states, including Florida, New York and Connecticut, as they "take corrective action in connection with some foreclosures". Right now, the futures market is pricing in a 95% chance that the Fed keeps rates between 0% and 0.25% through December 14th, 2010. Currently, the Ten Year yield is at 2.72% (2.72% on Friday) and the 2-10 yield spread is at 225bps, steepening 1bp since Friday morning.
