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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: J. P. who wrote (333)	7/31/2003 2:51:13 PM
From: Ramsey Su	Respond to of 110194

Yep, those charts are all very bullish. From the FA side, the common believe is when the refi mania is over, the cost will drop while revenue will remain for these MI companies. Refi mania in itself, also should not have any impact on real estate value so delinquency rate should not be affected. Needless to say, profits/earnings will soar. That would be the best of all worlds. Regarding agency derivatives, that is a great question. I do not know of any real time source that discloses the position fre or fnm have taken. Logically, they should not disclose it or else it will be totally ineffective. I can only hope that they are on the right side of the trades because the alternative could be systemic failure.