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Mortgages Whipped Around After Holiday: Active selling causes wider spreads; concerns about duration extension related to weak housing and tighter credit.

Mortgages were slammed on Tuesday as investors returned from the long holiday weekend. It was said to be one of the worst days ever for MBS with substantial widening driven by active selling, wider swap spreads and higher volatility. Liquidity was severely lacking as well. Treasurys sold off sharply on...

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