Here's what I asked:
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?
I would like contact information for specialist in the field that I can directly work with.