Trading mortgages has become like trading housing policy futures, says Western Asset Mortgage...

|About: Western Asset Mortgage C... (WMC)|By:, SA News Editor

Trading 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.