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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Broken_Clock who wrote (59627)	5/18/1999 6:10:00 PM
From: Knighty Tin	Read Replies (2) \| Respond to of 132070

PK, I heard the talking heads making excuses about the housing starts, so FNM may not drop as quick as it should. The bond rallied after the news was digested, so I think rates are going lower in the near term. However, Fannie and Freddie are not just rate plays. They are also spread and credit plays, and the spreads for their issues are widening vs. Treasuries and vs. the rates they have in their portfolios. So, these highly leveraged bubble supporters look vulnerable to me. Still!