A mortgage market that has seen rather anemic collateralized mortgage obligation issuance for the current year has gotten inundated recently, sources say, as a wellspring of Ginnie Mae II paper got tapped last week amid market-wide speculation about the status of a $13 billion First Union bid list.

While market players heard a mixed bag of rumors about the colossal bid list over the last several weeks, the most popular opinion last week among market sources was that the bid list was sold directly to Freddie Mac as whole loans.

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