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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Sam who wrote (1672)	5/25/1999 9:38:00 AM
From: Paul Berliner	of 3536

That means bad news for the mortgage REITS again if prepayments hover at record levels.... though this time the underlying market for CMBS should be bid fairly - no nightmare like last fall. Prepayments kill investments such as IO strips, which all the top mortgage REITS swore off last fall, but someone is still holding them! Here we go again. I was wondering why the mortgage REITS had not rallied strongly amid a sharp tightening in CMBS spreads over the last 3 months - I guess it must be because the rate of prepayments has not decellerated.

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