How to really get out of foreclosure mess

Commentary: Current fix won't work

Long-term mortgage rates are back above 6 percent this morning (despite Freddie Mac’s “Fell Below 6 Percent” headline in today’s papers, the result of an early-week survey), and the definitive 10-year T-note is now 4.12 percent, a long way from the 3.85 percent bottom in the last two weeks.

A 94,000-jobs gain in November payrolls reported this morning didn’t help — the bond market was hoping ghoulishly for an off-the-table figure — but the real damage was done yesterday by the subprime workout plan.