CYS management awaits pullback in mortgage prices

|About: CYS Investments, Inc. (CYS)|By:, SA News Editor

Mortgages aren't that cheap anymore, says CYS Investments CEO Kevin Grant, on the earnings call. Asked a question about the sale of MBS in Q1 and purchase of Treasurys, Grant says his team can actually create a spread with government paper similar to that of mortgages.

The bottom line according to CYS management: Low volume and high prices in mortgages make it a good idea to wait for a pullback before becoming aggressive buyers again.

Previous earnings coverage

Shares +1.7% premarket