As warned, prepayment speeds were faster than expected in August, particularly along 3.5% and 4.0% coupons and moderately seasoned 4.5s.

Speeds in an Thomson Reuters Market sample along FN 2011 and 2010 cohorts increased between 17% and 28% versus a projected 12% to 16%, and by 72% on GN I 3.5s versus an anticipated 32%.

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