Mortgage servicers now have a fairly new hedging tool, but it might be gone before many have a chance to use it. Bob Koets of hedge fund AVM felt even as recently as a few days ago, that the “constant maturity mortgage” was the “perfect hedge.” But he used the opportunity of hosting a panel discussion on CMMs during the Institute for Intergovernmental Research’s 12th Annual MSR Conference in Chicago to voice serious concerns about the instrument’s viability going forward. Until recently...