After the 3pm official bond market close, 10yr yields are down just over 1bp and MBS have gained 2 ticks. That puts FNCL 4.5's up 7 ticks on the day at 104-08 and 4.0's up 8 ticks on the day at 101-03. Previous losses had prompted several lenders to reprice for the worse, but these late-day gains are mitigating that risk. And while there's not a good chance of reprices for the better yet, this helps solidify some of the ground gained in MBS today. 10yr yields are at 2.988.

(Reuters) - Elizabeth Warren, it’s not you they hate. It’s what you represent. You want to be an honest cop when so many before you in Washington have looked the other way and pretended that the banking industry could police itself. She knows where the bodies are buried — in countless toxic forms and statements that only bank lawyers fully understand. She’ll make every attempt to end the silent rip-offs and myriad shenanigans that cost consumers billions. As the debate about Warren — and what she stands for — rages on, here’s a look at why the banks despise the idea of her as a strong regulator... Reason #1 Weak consumer regulation was the norm, but banks love the status quo. The CFPB will be the first regulator in American history that didn’t answer to the banks, but to their customers. It will be a true watchdog. Reason #2: Mortgage abuses were rampant. A consumer financial bureau would keep an eye on an industry that’s operated in darkness for too long. Reason# 3: Credit abuses are rampant. Banks have conceived elaborate formulas for charging you more money for credit. A consumer bureau might be able to rein in these practices. Reason #4: Credit Forms are Confusing. Why can’t credit forms spell costs out in plain language? Why can’t they tell you what your payment should be including taxes, insurance and other fees? The CFPB already is working to simplify this morass of incomprehensible forms and even wants your opinion on new proposed versions. So nothing personal Elizabeth Warren. It’s not the way you dress or the fact that you teach at Harvard and have been an advocate for banking customers. Or that you’re “so bloody disagreeable,” as one former Wall Street banker put it. It’s just that you’re so darned honest about banking abuses and are one of the best people in the country to enact change.

Reprices for the worse have been reported today. If your lender has not recalled and repriced for the worse already you are still at risk of that happening. More so now than ever because mortgages and benchmark Treasuries are retesting their worst prices of the day as investors have pushed stocks back to their pre-jobs data levels (1308 in S&P).