A week after the New York Federal Reserve's announcement regarding the acceptance of mortgage-backed securities as collateral in repurchase transactions, the market seemed quite content and sated for the moment, happy to absorb the action as a follow-up to already-lower levels of volatility.

"If the cake was baked, the New York Fed iced it and put candles on it," said Michael Youngblood, managing director of real estate and capital markets at Banc of America Securities.

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