Greek debt, robo-signing deals get done
Posted February 9, 2012
We now have some sense of clarity in Europe as it relates to Greek debt concerns. Greece has seemingly reached an agreement to control its debt. Details are still being worked out, but the overall feeling is that this is a done deal. Due to the deal removing some uncertainty in Europe, fewer dollars flowed into Treasuries which decreased demand, dropped prices and increased yields on Treasuries.
Jobless claims fell again this week, continuing the positive trend. Claims dropped to 358,000 which is the second lowest level in four years. This positive economic data also helped to put a bit of upward pressure on yields and mortgage rates today.
Other big news from today, the Robo-Signing Settlement has also been reached, giving consumer’s access to $26 Billion in funds. The money will be used to help compensate homeowners who were impacted by improper foreclosure practices, and will also go towards helping borrowers who are currently underwater in their homes. It looks as though North Carolina will receive $338 Million from the settlement. The project will be overseen by North Carolina’s own Joe Smith, who is the current NC Commissioner of Banks.