8/17/2010

Mortgage-backed securities from Fannie Mae, Freddie Mac and Ginnie Mae are underperforming U.S. Treasurys by the widest margin this year, as bond buyers worry about exposure to refinancing risk. This month, returns on government-backed mortgage bonds fell 24 basis points short of comparable Treasurys. The Mortgage Bankers Association said refinancing applications are near their highest level in a year.

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