Stocks Boom (over 400 pts in dow)Treasuries keel over and die (down 31 ticks in 10 years)MBS strengthen and rise (101-00, and have tightened OVER 50 ticks on a 5.5MBS vs. 10 yr treasury basis) This is exactly what we were hoping for when this morning's analysis was put out. It went something like this:"The great thing about being beaten ... ...CONTINUED - Read More Now

California Attorney General Jerry Brown echoed the sentiments of his Illinois counter-part, citing lending practices that encouraged risky borrowing behavior as the key reason for filing a civil suit against Countrywide today in California court. The lawsuit also names Angelo Mozilo and President Dave Sambol in the suit.