Balance-sheet normalization at the Fed leads to spread widening, but with a significant lag and focused on premium coupons.

The third-party analytics models used by bond traders now accept VantageScore 4.0 loans, but their methodologies were designed before the confusion around loan-level price adjustment grids.

Interest rates on mortgages increased steadily throughout the second quarter, diminishing demand among non-agency MBS investors to some extent. (Includes data table.)