Tuesday, August 09, 2016 5:10:41 PM
You must remember that FNMA does not sell the mortgage with MBS, just the bonds that use mortgage income as the basis for their coupon value owed investors. Right?
The most insidious aspect to the JPM, anti-GSE initiative is that it has timed market entry to a period where most fixed rate investments are at all time lows, and much overseas sovereign debt is sinking into negative interest rate never-neverland, making many investors anxious to find new avenues for yield. Read any of the recent statements from former Pimco head Bill Gross if you doubt this. He is telling investors to favor hard assets. This new affront to Fannie & Freddie may be right up the alley for a lot of global hitters seeking fixed rate returns above the micro-% insanity.
JMHO.
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