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May prepays in-line to slightly faster

May prepayments were in-line to slightly faster than consensus expectations, especially for GNMAs. Speeds were expected to be unchanged to slightly faster for 4.5s, 5s, and 2004 vintage 5.5s and 6s, while other coupons and vintages were expected to slow around 5% on average. Instead, speeds on higher coupons...

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