Wells Shuts Down NorCal Operations Site; CitiMortgage Reaching Out to Consumers; DU 8.2 Implemented; Feedback from the Trenches

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Posted To: Pipeline Press

Since early October, the 10-year US Treasury yield has gone up about 85 basis points (from 2.4% to 3.35%). The crisis in Europe and the Fed's $600 billion bond-buying program (QE2) typically would move rates lower. But a pick-up in world economic indicators, along with concern over a growing US deficit has instead produced the opposite result: bond buyers now want a higher interest rate to compensate them for the risk of future inflation and/or a weak dollar. Companies from PIMCO to Goldman Sachs are raising their GDP estimates for 2011. What is the impact of this on US government debt payments? The yearly debt on $1 million of 10-yr Treasury note at 2.40% is $24,000. The debt payment at 3.35% is $33,500, for a difference of $9,500 per year. On $1 billion this becomes a difference of $9.5 million...(read more)

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