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

To: Wyätt Gwyön who wrote (13997)	5/16/2004 11:55:35 PM
From: mishedlo	Respond to of 110194

I disagree somewhat. Yes FNM did bet on higher rates bust as they declined and refis picked up the were forced to by treasuries right at the bottom in yields. This added to the move down IMO. On the way back up they do the opposite. Yes I do think their model says higher rates, but they have been whipawed around that model at least twice now according to minyanville. Who to believe? I accept Brian Reynolds take. PS. I also think that is why Greenspan pressed for variable rate loans. Not because they were good or bad for the consumer, but to stop the derrivatrive blowup at FNM every time rates get low enough for another round of refis. M