Volume was substantially lower in the first couple days of trading last week. One factor contributing to the scant numbers was the limited data throughout the week that concluded with a half day last Friday and was followed by the long Memorial Day weekend.

Flows were mixed. There was light buying from money managers and Asian investors, while banks and servicers were better sellers. The sense was that the buying from these investors has been in smaller amounts, which suggests that better interest would be available at lower prices. Originator selling averaged just over $1 billion in the first two days of trading.

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