The FRBNY's Bill Dudley notes a widening spread between primary and secondary mortgage rates. In English, lower mortgage rates as a result of the Fed's MBS purchases are not being fed through to consumers. Who could have guessed that ever happening? It's no shock to mREITs, many of whom have noted origination capacity - decimated during the financial crisis - isn't coming back overnight. For those still in the origination business, it means fat profits.