Though Freddie Mac was embroiled in continuing controversy last week - involving firings of top officials and investigations by the Securities & Exchange Commission and the House Financial Services Committee - MBS players remained unfazed.

In terms of the mortgage market, Merrill Lynch analysts wrote last Wednesday "there has been relatively little impact of the Freddie announcement." The firm added that Gold/FNMA swaps in the lower coupons have fallen 1/32 to 2/32 since Monday without a major repricing.

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