It happened last week. JJ Ingersoll, our head of global focus, jostled onto the trading floor in a grim mood, and walked up to Chip Roach our top mortgage-backed deal junkie. There was the mischief of Loki in his eyes as JJ asked him what was the prepayment risk on the sub-interest flurbi-wurbs he heard he’d bought at the used car lot. Chip wasn’t taking that bullshit from anyone. He replied, fine, I can tell you that, but let’s up the stakes.
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