From Briefing.com yesterday......
10:52AM National mortgage lender closes doors : The Seattle Times reported that a national mortgage company with operations in Washington abruptly closed its doors Friday, potentially leaving thousands of homebuyers without loans. The article speculates that the company, Capitol Commerce Mortgage, closed after likely failing to adjust for rising rates for home loans. Director of consumer services for the state Department of Financial Institutions said there could be similar closures among small or midsized lenders if they are unprepared for a sudden swing in rates and are holding a large basket of unfunded loans locked in at the low rates.
The effects of the bond crash are just starting to be felt....just wait a few more weeks and we'll see if stocks continue to rise in the face of the bond crash, or how well consumer sentiment/spending holds up. Following that, people will get their quarterly reports from their favorite bond funds.......
Kix