Here's what I asked:
Goal:
Working out what happens inside the mortgage backed securities that the FRB holds. Specifically, does anything material change when a mortgage that was bundled into an MBS is paid off via a refinance (same provider or different provider) or just a full pay out?
1st Round Questions:
How many actual mortgages underly the MBS assets held on the books of the FRB? If this is not ordinarily tracked, that is an acceptable answer.
If a mortgage is paid off in full and the property left unmortgaged (let's say someone wins the lottery and just pays it in full), what happens to the cash from that payoff? Do future revenues from the MBS get reduced? Are other mortgages bought to replace the lost revenue of interest payments?
If a mortgage is paid off by a refinance, is there anything different that happens? Does the new mortgage roll into the same MBS?
Do refinance payoffs make the underlying MBS a better asset or a worse asset to be holding from the FRB's point of view? What makes it better or worse?
Ancillary:
I would like contact information for specialist in the field that I can directly work with.
Did they respond?
ReplyDeleteI'm not sure they will freely give you access to a specialist in the field that you can directly work with. I'm pretty sure that will cost money.
I'm not expecting anything to come of it until mid-week. I expect that they don't track the underlying mortgages, but it is useful for *them* to confirm. I expect that they actually are buying mortgages to replace those that are paying off/refinancing but it is useful for them to say it.
ReplyDeleteAnd best of all, it is delicious if they refuse to say anything at all. I expect them not to make that mistake but who knows, I might get lucky.