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To: Lizzie Tudor who wrote (13278)	8/2/2002 3:00:10 PM
From: Bill Harmond	Respond to of 57684

>>expectations of a japan-like deflationary scenario I'm sure some are thinking that way. THe lows in 1974 and 1982 were higher because inflation was an issue.

To: Lizzie Tudor who wrote (13278)	8/2/2002 3:02:42 PM
From: Bill Harmond	Respond to of 57684

14:14 ET JMP Securities comments on mortgage stocks JMP Sec believes that breach of 2% by the 2-yr Treasury (for the first time in history) indicates that the bond market is factoring in a Fed rate cut. With mortgage products at historic lows, firm expects hybrid ARMs to prepay very fast. Believes America First Mortgage (MFA 8.90 -0.05) is particularly at risk; Annaly Mortgage (NLY 18.98 -0.04) also has some risk, but has been a seller of these securities over the last two qtrs.