It wasn't a pretty week in mortgages, to say the least. Last Thursday got off to a bad start with the release of Freddie Mac prepayments which came in faster than was generally expected for the 2000 vintage premiums.

Mortgage players reacted with heavy buying in 10s. Then the sellers emerged with more than $1 billion coming from originators in 6s and 6.5s, and some modest-sized bid lists from banks. This was topped off by news that the recently merged FleetBoston/Summit banks, which have been a heavy seller of MBS lately, was bringing $7 billion in CMOs and $1 billion in AAA CMBS (see story, p.1).

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