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They're calling it the "DeMarco Trade," and it's nailing mortgage REITs (at least those who focus on Agency paper) already stung by vanishing interest spreads. Agency MBS paper
has been falling
in price since the election, as Ed DeMarco's days as FHFA chief
, paving the way for principal forgiveness, "the mother of all pre-payment waves."
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Isn't that a problem with the current administration - the unwillingness to abide by the laws?
Nov 15, 2012. 01:55 PM
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