Secondary Markets - All Comments

re: Calculating Current Coupon in a Record Low Rate Environment

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re: Trading in MBS Pools Backed By HARP Loans

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re: Targeting Slower Prepay Speeds With Specified Pools

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re: Prospects For Liquidity in Conventional 3.0 MBS And Mortgage Rate Implications

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re: The Hidden Mortgage Tax and it's Effect on Loan Pricing

Ray J — Fri, 31 Aug 2012 18:56:34 GMT

Hmm...more unintended consequences methinks...

re: Concerns Grow Over Freddie/Fannie Price Dislocations

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re: Prospects For Liquidity in Conventional 3.0 MBS And Mortgage Rate Implications

Bill Berliner — Fri, 04 May 2012 13:27:01 GMT

Ray--the interesting point is that, because 30-year 3s are so low in coupon, that the historical process won't repeat itself (in my view). As I mentioned, banks can't/won't buy them, and there's not enough juice to create interesting structures ("juice" meaning coupon). Re historical data--You can look over time and see how issuance ramps up--as I mentioned, it's increased fairly rapidly in 3.5s. A separate issue is what metric to look at to judge "liquidity"--I don't know of any source of data that granular (intr-hour price moves). I'd keep an eye on the dollar rolls--you're already seeing some odd behavior in the intra-month pricing of Fannie 3s. Thanks for reading.

re: Prospects For Liquidity in Conventional 3.0 MBS And Mortgage Rate Implications

Ira Selwin — Thu, 03 May 2012 18:33:39 GMT

Great commentary. Many thanks,

re: Prospects For Liquidity in Conventional 3.0 MBS And Mortgage Rate Implications

Ray J — Wed, 02 May 2012 22:04:13 GMT

Chicken and Egg green eggs and ham...it would be interesting to look at some charts of how the same process went down for the 3.5 coupon. if history is going to repeat itself - not exactly -but more like a spiral with similarities across the ascending curves, then we should be able to see some patterns within the trading charts . what think you ?

re: Prospects For Liquidity in Conventional 3.0 MBS And Mortgage Rate Implications

Matthew Graham — Wed, 02 May 2012 18:46:55 GMT

Great stuff Mr. Berliner! I really like the "chicken and the egg" way of thinking about the onset of liquidity at frontier coupon levels.

re: Calculating Current Coupon in a Record Low Rate Environment

Ira Selwin — Fri, 03 Feb 2012 19:52:21 GMT

Very nice read. Thanks,