The Non-Agency RMS Outlook

The economy since the GFC has been in a world of zero interest rates and housing prices have really only gone one way, but up. I think that agency mortgages are an interesting place for investors to look at these days. They do well in recessionary environments relative to credit assets. There could be some near term volatility with all the stuff going on with the banks and the financing. But I think if things continue to deteriorate economically outside of treasuries, which will do the best, I think that non-agencies RMS can attend 15%.

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