The equity markets are still reeling from Friday’s announcement by the SEC that Goldman Sachs did not play fair when it came to packaging and marketing instruments tied to subprime mortgages. This was evidenced this morning as Citi announced stronger than expected earnings and Leading Indicators (LEI) rose 1.4%. As a reminder, the LEI is a composite of several economic measurements that are forward looking, so a rise in the index portends a growth in economic activity over the next 3 to 6 months.
So, the good news for us today is that mortgage prices are only slightly worse than where the market closed Friday, a day in which we saw a nice rally.
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