Lehman Brothers and JPMorgan Securities analysts reviewed the outlook for net issuance for the remainder of the year in this week's research.  

Lehman's conclusion is a slowdown in the pace of monthly agency net issuance to around $35 billion to $40 billion from $50 billion.  Furthermore , of this amount, they project over 50% to be in GNMA paper (not counting the pick up from the Hope for Homeowners program).

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