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MBS market floored by fast prepayment reports; refinancings can now be expedited in three weeks or less, analysts say: IO market obliterated, but lots of interest in 15-year paper

Unexpectedly strong prepayment reports issued last week by Fannie Mae and Ginnie Mae knocked the wind out of the mortgage-backed market, particularly the premium coupon sector, and Ginnie Mae bonds had the toughest time of all.

"We were hit hard we weren't expecting those kinds of prints," said an...

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