Prepayments were modestly slower than expected in August. Speeds, on average, were expected to be about 10% slower, but FNMAs slowed 14% from July, FHLMC Golds 15%, and GNMAs by 13%. 

On top of the strict underwriting standards, horrible housing market, weakening economic and labor conditions, speeds were impacted by one less collection day in August, along with higher mortgage rates and lower refinancing activity.

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