The big day last week was Wednesday. Not only was it the day of the Federal Open Market Committee statement, but the Financial Accounting Standards Board also met to discuss issues related to FAS 155 on the same day. In fact, in many mortgage participants' minds, it was the FASB meeting that was the highlight of the week.

The meeting was favorable for a large part of the mortgage market as the proposal would exempt sectors like discount passthroughs and REMIC tranches such as PACs, sequentials, support and companion bonds from the "double-double" test included in FAS 133 (see story on p.1). The news did stimulate some buying interest from the fast money camp.

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