The collapse of Bear Stearns this morning has pulled the 10-year Treasury yield to 3.42 percent, but lowest-fee mortgages are still stuck above 6 percent. Mortgage improvement was inhibited by fire sales elsewhere (Thornburg and Carlyle), and by Bear’s mortgage exposure, the Street’s largest. As one of the Fed’s 20 "primary dealers," Bear has received instant bailout, but its mortgage portfolio still overhangs the market.
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