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As it should.
The atomic economists would say that the aggregation function should appear for a while, then disappear; and its ultimate efficiency is how well it does the disappearance and reappearance act, its quantum efficiency.
Posted by: Matt | April 27, 2008 at 11:57 AM
strictly speaking, non-conforming securitisation is dead. Fannie and Freddie are still writing plenty of loans. In fact, they and the FHA are about the only ones in the mortgage funding business at the moment.
Posted by: cb | April 27, 2008 at 12:21 PM
The keystone of the Bush economy crumbles...
Posted by: Neal | April 27, 2008 at 04:18 PM
enertechie--"AR"=annual rate--it shows a very steep fall.
Posted by: Neal | April 27, 2008 at 08:14 PM
Doesn't "AR" mean annualized rate? It doesn't really look plausible for it to be showing anything else. In that case, there's nothing misleading about it. It did throw me a little to start with though.
Posted by: dp1 | April 27, 2008 at 08:18 PM