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Monday, March 16, 2015 1:49:56 PM
Fannie sells the actual mortgage (the principal and interest flow) and then guarantees it
As interest rates rise - mortgage interest rates rise and new MBS paper will have a higher return to the buyer (higher cash flow from the higher interest)
The existing MBS paper is not owned by F and F (other than in portfolio ??) ??
And would it not go down in price like any bond - and with rising interest extend in expected life (fewer refinancing of the older paper with lower rates)
so does value go up for FNMA or ? ---- or ? Does FNMA get offers to buy back paper it issued and extinguish it - at a profitable margin/
you can tell I am not sure the impact on a packager of rising rates --- other than the one time RUSH to mortgages we will see as the rates inch up
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