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To: Oblomov who wrote (179928)	7/15/2002 1:42:51 PM
From: reaper	Read Replies (1) \| Respond to of 436258

so Oblomov -- i had noted in a prior post (sorry, can't find it so no link) when we talked about this that mortgage spreads seemed unusually narrow to me, both on an absolute basis but particularly relative to comparably-rated corporate debt. presumably those spreads are starting to blow out now, and NLY is telling us this. question then, is WHY are spreads widening. is it "just" a drying up of liquidity (which has nothing to do with the mortgage market per se but is instead precipitated by corporate problems) or have we seen the generational low in MBS spreads and the secular decline (in real estate) has gotten under way? Edit: OK, here's the post Message 17524204 I guess i remembered slightly wrong; I was comparing CMBS spreads with debt spreads on REIT debt. NLY (i think) is mostly residential securities, no? That said, the questions still generally stand. Cheers