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Reply to "Second Great Depression"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]So if there's a mortgage freeze, what happens to the MBS market ... what happens to the REIT market ... [/quote] The entire waterfall of payments will be frozen. Government overrides the accounting standards and tells no one to mark-to-market until the crisis is officially over. [/quote] This process may be tested very soon. MFA Financial, Invesco Mortgage, Annaly Capital, and New York Mortgage Trust are all having problems meeting margin calls. All are vast holders of MBS's. The non-agency MBS sector looks ... weak. The entire mortgage REIT sector is looking iffy. Right now it looks like the system can handle it unless some other player played too much in that playground. The Fed will surely provide a floor for MBS's but individual stocks can just go to hell for all they care. https://www.barrons.com/articles/mortgage-reits-come-under-stress-that-even-the-fed-might-not-be-able-to-ease-51585073391[/quote]
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