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Flat Yield Curve May Augur Opportunity for GSEs.(Brief Article)
Washington -- Freddie Mac sees a flat yield curve as a great opportunity to expand its mortgage-backed securitization business and invest in fixed-rate mortgages for its portfolio.
A flattening of the yield curve "plays to our traditional strength," Freddie's president and chief operating officer Eugene McQuade told an investor conference sponsored by Citigroup.
The mortgage giant is forecasting that higher short-term interest rates and a flat yield curve will produce a decline in adjustable-rate mortgage originations and more fixed-rate product in 2006 and 2007.
Mr. McQuade noted that the Federal Reserve's tightening will also make it less profitable for banks to invest in fixed-rate mortgages.
"While we have yet to see a sell-off of fixed-rate mortgages from bank portfolios, even slightly reduced investment by banks should create better fixed-rate buying opportunities for us in 2006," Mr. McQuade said last week.
Freddie increased the size of its mortgage investment portfolio by 8.7% in 2005 ...
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