Market Currents
Trading mortgages has become like trading housing policy futures, says Western Asset Mortgage...
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Wednesday, November 28, 2012, 1:30 PM ETTrading mortgages has become like trading housing policy futures, says Western Asset Mortgage (WMC) CIO Stephen Fulton, only half-jokingly. Like most mREIT managements, Western downplays the risk of radical FHFA policy changes. Similar to AGNC, the firm continues to find value (presentation) in less-likely to be refinanced lower loan balance mortgages.
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