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The Total Return Fund zeroed in on agency MBS that had relatively low coupons. "We likedthem" because they were "cheap," says Scott Simon, then head of Pimco's mortgage trading desk,who has since retired. Additionally, "if the Fed wanted to shore up the housing market andcreate refinancing, they would lower the mortgage rate. If they wanted to lower the mortgagerate, they would buy (bonds with coupons of) 3 percent and 3.5 percent."
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Not available at the moment http://dravanizaza.com/valleyhealthlinkcom-84be.pdf#harvest dchealthlink.com/renewal
The Total Return Fund zeroed in on agency MBS that had relatively low coupons. "We likedthem" because they were "cheap," says Scott Simon, then head of Pimco's mortgage trading desk,who has since retired. Additionally, "if the Fed wanted to shore up the housing market andcreate refinancing, they would lower the mortgage rate. If they wanted to lower the mortgagerate, they would buy (bonds with coupons of) 3 percent and 3.5 percent."
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