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Banks Wage War

In the last 12 days, big banks have launched a Blitzkrieg offensive on the competition.

  • They’ve initiated unusually aggressive public rate promotions
  • They surprised the market last week with fixed-rate reductions–despite bond yields surging over 30 basis points, and despite rate increases from non-bank lenders.

Rambo-BanksThere’s something going on behind the scenes.

The Big 5’s mortgage divisions are morphing from Gomer Pyle to John Rambo…fast.

Bankers are running through the jungle with M-60’s, whereas in kinder and gentler times (pre-2009), they sat camouflaged in the weeds with sniper rifles.

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