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As central banks and commercial lenders hiked rates, they became net sellers of packaged mortgages, marking a departure from past crises.
After global interest rates began to climb in earnest this year, retail, hedge funds and ‘shadow lenders’ became the primary buyers of US mortgages (MBSs) – just as commercial lenders and the Federal Reserve withdrew from the market, analysis by the Bank for International Settlements shows.
During Q2, retail investors and leveraged funds accounted for 82% of MBS transactions – defined as purchases minus sales. Another 60% of net money was moved by buyers
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