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RMBS: More prepayment risk as rates drop to 6.89%; full pipeline for CMBS

More than $1 billion in heavy originator selling characterized last week's MBS trading environment, leading to mortgages underperforming late in the week. The drop in equities finally moved bonds higher, traders said, and with 6.5% bonds moving above par, the mortgage sector is faced with potential heavy convexity buying...

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