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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: smolejv@gmx.net who wrote (33642)5/13/2003 8:54:57 PM
From: LLCF  Read Replies (1) of 74559
 
<If this is so, there must be an awsome amount of offsetting interest swaps accumulating somewhere.>

Yes, the holder of the paper or MBS are short the puts. FNM does not disclose how large their negative curvature or it's duration to my knowlege. They hedge tons with JPM and others. They also float as many callable securities against the position as they can, from this standpoint YOU Germans are footing the whole thing -ggg-

DAK
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