8/6/07 Market Snapshot
Treasury yields hit new recent lows last week as the markets tried to digest the vast amount of negative news surrounding Sub-prime and Alt-A. Expect more volatility this week as the mortgage industry digests the numerous loan program changes and mortgage companies exiting the mortgage lending business. Eyes are focused on the FOMC announcement scheduled for Tuesday afternoon as the markets look to the Fed to give some indication of the role they expect to play during this turbulent time.